Four building and development companies have collapsed, putting 25 projects in jeopardy, as the construction industry continues to be ravaged by soaring costs of materials and labour.
The NSW companies – Adroit Constructions Pty Ltd, Maximus Builders Pty Ltd, Maxim Builders Pty Ltd and Maxus Builders Pty Ltd – all fell into liquidation on Tuesday.
Bruce Gleeson of Jones Partners has been called in as liquidator and told news.com.au that 25 projects across the four companies have now been halted.
The companies are all listed back to an address in Ryde, in sydney/index.html” id=”mol-a384c440-601d-11ef-8269-af956e0c818f”>Sydney‘s north, and are understood to be linked.
The firms were not trading at the time they entered liquidation.
‘Across the four companies, there were approximately 25 contracts at various stages of completion,’ Mr Gleeson told the publication.
‘We are currently in the process of communicating with the clients on this score and the impact of the companies being placed into voluntary liquidation.’
Total assets and debts owed…
