Creditors of a recently collapsed building company have been warned they’re unlikely to recover their money.
gold coast construction company Stokes Wheeler owed staff up to $1.66million and unsecured creditors more than $13.5million when it entered administration in February.
The veteran builders also owed $3.2million to secured creditors, including Westpac.
The $20million debt means unsecured creditors are unlikely to see their money back after Stokes Wheeler entered liquidation this week, the Courier Mail reported.
The collapse has also left several major building projects in limbo.
Administrators Roland Robson and Bill Cotter from Robson Cotter, previously uncovered six project trust accounts which all had no funds.
A retention account created to help repay Stokes Wheeler’s debts, had a shortfall of $2.7million.
The account has since been frozen by the Queensland Building and Construction Commission.
Gold Coast construction company Stokes Wheeler reportedly owed almost $20million…
