24 Mar 2022

Condev Construction Pty Ltd next phase of liquidation is underway

READ TIME

3 min

Worrells’ Jason Bettles and James Robba have finalised their review of the Report on Company Activities and Property submitted by the director of Condev Construction Pty Ltd, and issued an initial notice to all known creditors of the company.

Key figures in the liquidation are reported to be liabilities in the vicinity of $45 million and assets to be in the vicinity of $33 million. The major company assets include debtors and retentions due to the company, cash and real property. While the majority of the company’s debts are owed to unsecured creditors, lenders, and company employees.

Worrells understands that unsecured creditor debt may change due to certain developers electing to engage subcontractors who were working for the company.

Mr Robba said, “We understand developers have engaged a number of subcontractors and employees who were formerly working for the company to assist in completing projects. It’s important to note that these decisions and engagements are all being made completely independent of our role as liquidators of Condev Construction Pty Ltd.

As stated in our last press release, we still expect the 100-plus Condev employees’ outstanding entitlements up to the date of liquidation to be paid in full. Those employees are either expected to be paid from the company’s assets or through the assistance of the government’s Fair Entitlement Guarantee Scheme.”

Again, all known creditors have been sent the initial report regarding the appointment and Worrells is urging for all creditors to lodge proofs of debt via its portal at worrells.net.au.

“Our teams are continuing to liaise with all affected parties, completing our own investigations into the company records, and have engaged agents to assist in collecting the company assets for sale.

It’s still very early days in this appointment, and we’re very aware and empathic to the impact it’s having on everyone. We’re doing our best to find a way to make a bad situation a little better for everyone.”

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:

James Robba
Associate Principal, Worrells Gold Coast & Northern Rivers
james.robba@worrells.net.au 

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