A sydney building firm has become the latest to join a long list of failed construction companies.
Grover Constructions, a small residential builder in the Sydney metropolitan area, went into voluntary liquidation in September.
Last week, a new liquidator was appointed, at the request of the firm’s largest creditor.
The new appointee, Bradd Morelli of insolvency firm Jirsch Sutherland, told news.com.au that early investigations have put the debt at $647,000 at least.
That includes a $400,000 debt from a court order, an employee owed around $5000 in unpaid superannuation and a law firm owed $1200.
There are also several related debts — which is when the people running the company are owed money from the entity. That includes the director of Grover Constructions, owed around $125,000 from unpaid employee entitlements, as well as a $95,000 debt and a $21,000 one from other lenders owed money.
Nothing appears to be owed to the tax office so far.
The largest creditor claims their $400,000 debt is actually closer to $1 million.
Mr Morelli said the $647,000 debt figure will likely change as he investigates further.
“I don’t know what that number will ultimately be, these are the numbers the directors put forward,” he told…
