CREDITORS have been left owed more than $3m following the latest Sunshine Coast building industry insolvency.
The Cleary Group Pty Ltd’s ‘collapse’ rivals the 2013 Walton Queensland liquidation in terms of its impact on Sunshine Coast sub contractors who make up the majority of the 50-plus creditors left out of pocket.
Terry John Rose of SV Partners, Brisbane, has been appointed liquidator.
His first report to creditors lists money owed creditors at $3,013,453.34 of which $2,016,453 were trade creditors, $347,000 to the Australian Tax Office and $650,000 to related parties.
The liquidator’s report showed the builder had no assets, no cash at bank and only $45,076 in money owed it.
All secured creditors ha…
Read the full article at: https://www.sunshinecoastdaily.com.au/news/its-terrible-coast-builder-collapses-owing-3m/3504813/