perth commercial builder Mercedes Construction has tumbled into liquidation after moving to wind up its operations.
It comes two months after Mercedes Construction’s sole director Adrian Gagiero voluntarily appointed administrator Ross Thomson from Bankruptcy Advisory Centre.
A filing with the corporate regulator reveals Mercedes Construction passed a special resolution to voluntarily wind up its operations at a meeting on Tuesday.
An early-stage revival bid was lobbed by Mercedes Developments, an entity which shares several shareholders with Perth luxury homebuilders Zorzi Builders, to potentially buyout Mercedes Construction.
That high-level outline of a deed of company arrangement, which proposed to waive debts and provide a $250,000 cash top up, was not recommended by the administrator.
It appears Mr Thomson will continue to run a ruler over Mercedes Construction, now acting as a liquidator for the collapsed building company.
Mercedes’ troubles were pinned on increased costs for materials, equipment and labour, coupled with project losses which led to reduced performance.
Among the “premium developments” the builder was contracted for was 110 Marine Parade in Cottesloe, a seven-storey luxury apartment…
