Bulkbuild Pty Ltd in liquidation, could owe $5 million to creditors
Liquidators have launched an investigation into Brisbane building company Bulkbuild which will be wound up with a mounting list of creditors seeking up to $5m - much higher than the initial estimate of $1.6m.
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BRISBANE-based builder Bulkbuild, which went into voluntary administration over a month ago, will be wound up.
When Bulkbuild collapsed it initially owed about $1.6 million and creditors claims could now be as much as $5 million.
Hall Chadwick’s Ginette Muller, who with Marcus Watters have been appointed liquidators, have launched an investigation into the finances of the company.
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“I have commenced my investigations into the potential voidable transactions and insolvent trading, as well as any offences by the director,” Ms Muller said.
Bulkbuild was based in Mansfield and according to its website Digen Hur was its sole director and chairman.
The company is currently in arbitration over a dispute regarding a serviced apartment project in Windsor in which Bulkbuild is seeking $4.3 million from Fortuna Well Pty Ltd.
“This creditor has lodged a counter claim for $2 million and this, together with other contingent creditor claims including the landlord, have significantly increased the overall claims by creditors to about $5 million,” Ms Muller said.
At the time Bulkbuild went into voluntary administration it was working on the Ferro Property Group’s West End apartment project, London Residences.
The Queensland Building and Construction Commission suspended Bulkbuild’s licence on March 11 for its failure to meet minimum financial requirements but then reinstated on April 7 after it showed that it had taken steps to improve its financial position to the point where it met its financial requirements.
According to Bulkbuild’s website, Mr Hur has been involved in a number of high-profile projects in NSW and Queensland worth up to $670 million.
Some of the projects in Queensland include the Jephson Hotel in Toowong, Aldi in the Fairfield Gardens shopping centre and the Yan Jian Australia HQ in the Brisbane CBD.
In NSW projects included were the Sydney ABC television building, UWS School of Medicine, Lidcombe Juvenile Justice Centre, Sydney Park Village and the Zenix building in Erskineville.