Corio steel company J&S Ironworkers collapses with $568,000 debt
Geelong “steel specialists” join growing list of failed construction companies, as Federal Court appoints liquidator after debt ballooned to more than $500,000.
A Corio based construction company that reportedly worked on the controversial metro tunnel has been forced into liquidation after racking up more than $500,000 in debt.
J&S Ironworkers Pty Ltd, which lists New Zealand expat Jack Tuhega as its sole director, collapsed after the Federal Court appointed insolvency expert Brent Morgan of Rodgers Reidy to wind the company up on August 29.
According to estimates Mr Tuhega submitted to the Australian Securities and Investments Commission (ASIC), the business owed $382,000 to the Australian Taxation Office, $186,000 to non-bank lender Ventra Asset Finance, and an undisclosed amount to employees.
Mr Tuhega informed ASIC his business owed superannuation to staff, however the total debt is yet to be declared.
The steel erection and rigging business was first registered in 2017, according to ASIC documents, and deemed itself “structural steel specialists” on social media.
Based out of Geelong for its nearly eight years in business, J&S Ironworkers also operated across Melbourne and sponsored a western suburbs sporting club.
According to a Facebook post shared by the Truganina Rabbitohs Rugby League Club, the business was also involved in work on the metro tunnel project.
“J&S Ironworkers are a steel construction company specialising in steel erection,” the post read.
“Based in Geelong but do most of their work in Melbourne’s city and suburbs in the metro tunnel, rail crossing removals, city hi rises, schools and warehouses.”
The Victorian Government did not confirm whether J&S Ironworkers was involved in the project when contacted for comment.
Last month a Torquay based concrete company, which traded as Surf Coast Concrete Sawing, entered liquidation with more than $1m in ATO and employee debt.
In May this year, Geelong’s GM Home Renos & Sheds, which specialised in commercial and industrial steel sheds, was also placed into liquidation owing more than $228,000 in tax, $54,000 to the Commonwealth Bank of Australia and $44,000 to insurance company Gallagher Bassett.
The slew of liquidations comes off the back of more than 71 construction companies across Geelong and the Surf Coast filing for insolvency last year, with Geelong Chamber of Commerce chief executive Jeremy Crawford attributing “really low employment” and the “cost of building” as key industry challenges.
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Originally published as Corio steel company J&S Ironworkers collapses with $568,000 debt
