Work has halted on 21 building projects in Queensland and NSW after construction firm St Hilliers called in administrators over the weekend, a casualty of the flagging building sector where insolvencies last year hit an all-time high.
Administrators WLP Restructuring partners Glenn Livingstone and Alan Walker said they have secured sites and paused work on all of St Hilliers’ active construction sites while they do an urgent assessment of the business’s financial position and operations.
St Hilliers joint venture development at Thornton in PenrithCredit:
Gates were locked at some sites in brisbane on Sunday after the voluntary administrators were appointed to seven construction businesses within the St Hilliers group.
The firm’s property development and investment division, St Hilliers Property, remains unaffected by the construction arm’s collapse.
Data from the Australian Securities and Investments Commission shows, from July 1 to mid-January, the highest number of reports for insolvencies were in the construction industry, about 28 per cent.
Matthew Smith, a partner from law firm Clyde & Co, said that insolvencies hit an all-time high last financial year, but the worst may be over with green shoots “on the…
