Residential construction companies in Australia have been toppling like dominoes, and this has left many depositors in a very difficult financial position.
Like an uncontrolled demolition, construction companies have been collapsing at a rate that has not been seen for almost a decade. As of late June 2023, ASIC data shows that 2023 construction companies have gone into liquidation since mid-2021. This figure dwarfs the next industry sector (accommodation and food services) of 1013 companies and makes up the lion’s share of 7231 companies in total that have folded over the same period.
These are not small companies either. Clough Group, Probuild, Dyldam Developments, Snowden Developments, ABG Group and Condev have been some …
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