A Queensland-based construction firm that has been operating for more than 30 years has plunged into voluntary administration, owing unsecured creditors more than $10.8 million.
Family-owned Carmichael Builders was founded in Dalby in regional Queensland in 1982. The firm grew rapidly, completing projects in regional areas and in brisbane, and in 2014, was employing 64 employees and turning over $71 million, according to the Courier Mail.
But company accounts seen by the Courier Mail show the construction firm booked a loss of $660,000 in 2014, up from $41,000 in 2013. The Courier Mail also reports Carmichael has been defending a lawsuit from another construction company in the District Court this year.
Administrators Richard Albarran and David Ingram from Hall Chadwick were appointed to the company on June 10, with the first meeting of creditors held in Brisbane on Monday.
In a statement issued on the same day and provided to SmartCompany, Albarran said “it seems the quantum payable to unsecured trade creditors of the company is in excess of $10,800,000.”
“Please note that this figure may be subject to change pending receipt of further information,” Albarran said.
Albarran confirmed Carmichael Builders ceased…
