On Wednesday 16 March 2022, the shareholder of Condev Construction Pty Ltd placed it into liquidation and appointed Worrells’ Jason Bettles and James Robba as liquidators.
Worrells’ appointment followed the news of staff being notified on Tuesday of the unstable financial position after an unsuccessful developer bid.
The construction company was formed in 2002 and undertook projects throughout South East Queensland and Northern New South Wales on a variety of projects from apartments to warehouses. Condev Construction holds numerous accolades as the recipient of many Master Builders Awards and Business Awards over its 20-year history.
As of 16 March 2022, the business has ceased trading and all ongoing construction projects are on hold until the liquidation process can establish any options for these projects.
Condev Construction has in excess of 100 employees whose outstanding entitlements are expected to be paid in full. Inherently the construction industry involves numerous subcontractors, suppliers, and other trades to complete its business outside of the company’s permanent employee base, which makes any claim for payment a creditor proof of debt process in the liquidation.
Mr Bettles said, “the directors have agonised over this decision. Their staff and contractor relationships have been at the centre of each discussion to evaluate what this decision’s impact will have on them.
We understand and appreciate the impact this has on everyone involved, the broader community, and the construction industry. It’s difficult to see that it has come to this point and the emotional toll it’s having. Our teams are doing everything they can to support everyone to understand the process currently underway, with the sensitivity and compassion it deserves.”
Worrells is calling for all creditors to lodge proofs of debt via its portal at worrells.net.au.
Worrells advises it will continue to give updates as they become available.
Worrells has 32 offices nationally and 25 principals, across Qld, NSW, ACT, Vic, and WA. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for over 49 years.
—ENDS—
Contact:
Jason Bettles
Principal, Worrells Gold Coast & Northern Rivers
jason.bettles@worrells.net.au