SUBCONTRACTORS will likely be the big losers from the collapse of council-favoured Ri-Con Contractors with the latest report revealing they are unlikely to see a cent of the almost $5 million owed.
The report lodged with ASIC by liquidator Worrells revealed the company, which won multimillion-dollar contracts with the Gympie, Sunshine Coast and Noosa councils, was likely trading insolvent from the middle of last year.
It went into liquidation in January.
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The new Kilkivan Equestrian Centre was built by Ri-Con.
At the time $1.1 million in bills was more than three months overdue, and a further $654,000 was a month late.
But the companys financial situation, and the declaration of director John Raymond Jenkins as bankrupt, m…
Read the full article at: https://www.gympietimes.com.au/news/massive-blow-for-subbies-in-chaos-left-by-ri-con-c/4030171/