Major construction companies specialising in road building have collapsed, reportedly owing creditors more than $80million.Â
Allroads Pty Ltd, a brisbane-based civil construction company, and its subsidiary Allroads Plant went into administration on March 4.
Administrators Darryl Kirk and Stephen Earel, who are partners at insolvency firm Cor Cordis, have now written a creditors’ report outlining how both companies together owe $83million to almost 1,000 creditors.
Construction companies specialising in road building have collapsed, owing creditors more than $80million (pictured is a New England Highway upgrade in southern Queensland)
Cor Cordis was unable to supply the report on Monday but news.com.au reported Allroads Plant owed $59million and Allroads had outstanding debts of $24million.
Late last month, Queensland Supreme Court ordered Allroads Pty Ltd be placed into liquidation, which means the assets have to be sold and the proceeds divided up among creditors.
David Stimpson, the executive director of accounting…
