More than 600 Queensland companies went into liquidation in 2021

Queensland had 615 businesses go under with many creditors left in limbo as liquidators scramble to pay off hefty holes due to the closures. Now, the businesses and when they each folded can be revealed. Full list.

More than 600 Queensland companies went into liquidation in 2021, with a national decline of corporate insolvency appointments, but one liquidator says this doesn't mean businesses are thriving.

According to ASIC, Queensland had 615 liquidation appointment notices last year, with most occurring mid-year.

Revive Financial head of business restructuring and insolvency Jarvis Archer said corporate insolvency appointments in Queensland remained low last year, reflecting the national decline to approximately 55 per cent of pre-pandemic levels.

“Other than some major builder insolvencies, the second half of the year in particular seemed very quiet in Queensland.

“While there was an upswing in company insolvencies in southern states as they emerged from lockdowns, Queensland did not see the same increase in activity.”

Revive Financial partner Jarvis Archer is a Queensland liquidator.

Despite this, he said the low insolvency numbers were not a sign that things were going well for businesses.

“Rather, the Government support and the Australian Taxation Office’s pause on debt collection activities since the beginning of the pandemic have allowed struggling businesses to continue on by not paying their tax debts,” he said.

The building and construction industry faced carnage as low supply from timber to bathroom fixtures caused by the pandemic forced prices to skyrocket.

One of Australia’s biggest construction firms Privium went into liquidation in November, leaving hundreds of homes across Queensland, New South Wales and Victoria unfinished with estimated losses of $80 million with about 2000 homeowners impacted.

Privium Chief Executive Rob Harder called in voluntary administrators over a number of Privium companies in mid-November.

Administrators have taken over Privium Homes.

At the time Mr Harder took to social media to explain his decision to clients and suppliers.

“This decision was made because if I had delayed further, it would have disadvantaged our clients even more,” he said.

“My priority is to ensure that all homes under construction are completed, and to alleviate as much as possible, angst and complications.”

Major electrical contractor Miles Electrical went bust in late November owing more than 2.3 million to creditors.

The company entered creditors voluntary liquidation after they ceased trading in September over a disputed $2m owed to them in relation to the $60 million Rheinmetall NIOA Munitions plant build in Maryborough.

A Sunshine Coast venture to breed red claw crayfish wound up owing more than $1.15m to creditors after a report outlined that the company was owed a significant amount of money that had significantly affected its cash flow and ability to pay rent and wages.

Fusion Farming had eight employees who were owed about $100,000 in wages and superannuation in November.

COMPANIES THAT OWED MILLIONS TO CREDITORS IN 2021

PRIVIUM

One of the nation’s biggest construction firms had gone into liquidation in November with estimated losses of $80 million with about 2000 homeowners impacted Australia-wide. Former Tasmanian carpenter Rob Harder, a prominent member of Brisbane’s Hillsong church, founded the company in the 1990s.

Rob Harder founded Privium in the 1990s

JWM CONTRACTING

The company that had worked as a contractor on the Wellcamp Airport and Kingsford Smith Drive upgrade owed creditors almost $4 million in December after the company racked up millions of dollars in trading losses in the past two years.

The company was founded in 2014 by Jason Mott.

MILES ELECTRICAL

Leading Queensland electrical company Miles Electrical went into liquidation in November owing more than $2.3 million to creditors.

The Hervey Bay company was established in 2003 and directed by Wayne and Rebecca Miles.

The company worked as a contractor for a $60 million munitions plant.

Miles Electrical owed more than $2.3 million to creditors.

PLANBUILD

PlanBuild went into liquidation in April with total debts of $3.7 million and more than 80 unfurnished homes.

QBCC said a total of 88 claims had been received from customers of Kedron-based PlanBuild under its Queensland Home Warranty Scheme.

A total of 88 claims had been received by the QBCC.

GW CIVIL CONTRACTING

More than $3 million was owed to creditors after Covid-19 delayed projects and the civil construction company lost its JobKeeper eligibility.

Projects became less profitable after competitive pressure from larger companies squeezed margins.