The debts of a collapsed building company have exploded, with its debt spiralling to $5 million more than original estimates. Project Coordination (Australia) Pty Ltd went into administration, letting go the majority of its staff and plunging its $120 million worth of projects across NSW and the ACT into jeopardy.
The debts of a collapsed building company have exploded, with its debt spiralling to $5 million more than original estimates. Project Coordination (Australia) Pty Ltd went into administration, letting go the majority of its staff and plunging its $120 million worth of projects across NSW and the ACT into jeopardy.
The appointed administrators, Jonathon Colbran, Frank Lo Pilato and Brett Lord of insolvency firm RSM Australia, previously said that preliminary investigations showed that the company owed around $20 million to more than 200 creditors. This week, they revealed they had received formal creditor claims which totalled more than $25 million. The administrators also said they had identified two more building sites impacted by Project Coordination’s demise, bringing the total to 16 large projects left in limbo
Building Company Debt Administration Projects Creditors
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Builder in major national franchise collapsesAn independent building company that is part of a major national construction chain has collapsed.
Read more »
Huge Aussie music festival collapsesA popular music festival has collapsed after being unable to pay its debts.
Read more »
Building company collapses owing $30mEXCLUSIVE
Read more »
Tax office criticised for resurrecting old debts worth billions and causing Australians distressTwo federal ombudsmen have joined forces to launch a scathing review of the Australian Tax Office and call on government agencies to act more fairly when they chase people for debts.
Read more »
The ATO is reviving old tax debts totalling billions, threatening some taxpayers with bankruptcyThe Tax Office is owed tens of billions of dollars worth of income tax debts it once dismissed as being 'uneconomical to pursue'. It's a shock for many taxpayers to now have the debts resurrected, in some cases after more than a decade.
Read more »
Cost of living Australia: Tax Office ramps up pressure over $50 billion in unpaid debtsIncreasing numbers of Australian small businesses operators are falling behind on tax and superannuation obligations, Tax Commissioner Rob Heferen warned.
Read more »