The security of payments for subcontractors in the building and construction sector are again in the spotlight after Western Australian builder BuiltonCorp collapsed into voluntary administration on Monday.
The companys administrators are advising clients with homes under construction by the company that its likely they will have to find new builders to complete projects their projects.
Dino Travaglini and Jeremy Nipps of Cor Cordis have been appointed as administrators of BuiltonCorp Pty Ltd, as well as Builton Group Pty Ltd, Builton Property Holdings Pty Ltd and Aspireon Homes Pty Limited, with construction stopped on about 130 incomplete sites as the company ceased trading.
The administ…
Read the full article at: http://www.smartcompany.com.au/finance/81791-wa-builder-builtoncorp-collapses-with-16-million-in-debts-as-subcontractor-payments-remain-in-the-spotlight/