A melbourne based building company owned by an Indian-origin builder has gone into voluntary liquidation citing financial crisis.
On March 20th a liquidator was appointed for S J Builders, which operates from the northern Melbourne suburb of Bundoora.
“Notice is given that at a general meeting of the members of the company held on 20 March 2019, it was resolved that the Company be wound up and that Edward Muscat be appointed liquidator”, a notice by the Australian Investment and Security Commission (ASIC) says.
The liquidator, John Edward Muscat from Mayfields Business Advisors & Corporate Paramedics, told SBS Malayalam that the Director Santi Philip has approached him citing that the company’s financial status is in trouble.
He said that the director advised that “the company was without funds to complete its residential builds. The director advised that the company doesn’t have the financial capacity to continue to trade.”
The reasons for the financial struggle will be part of the investigation, he said.
“At this stage it is not clear where the funds were, or why the company didn’t have sufficient funds.”
134 creditors; $1.5 million debt
Soon after appointing the liquidator a receiver and manager was…
