Another construction company falls into liquidation

Another construction company has fallen into liquidation as developers struggle to stay afloat amid rising supply costs and labour shortages.

Queensland developer Property Solutions Holdings has entered liquidation as of May 4, according to Australian Securities and Investments Commission (ASIC) documents.

Nick Combis from Vincents Chartered Accountants has been appointed as liquidator.

9news.com.au has contacted Vincents Chartered Accountants for details of the liquidation.

The company was founded in the early 1990s and was responsible for major urban development in Brisbane’s Fortitude Valley.

Some of these include the refurbishment of the Citygate Homemaker Centre, the Centro on James Street project and the redevelopment of The Barracks in South Brisbane.

Developers and construction companies are facing soaring costs as a result of demand and pressure for materials, labour shortages and skyrocketing inflation.