Sunshine Coast companies claim debts of nearly $100k following Hitec Glazing collapse
The collapse of a prominent glass window and door manufacturer has left three Sunshine Coast companies collectively claiming almost $100k worth of unpaid debts.
Business
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Three Sunshine Coast companies have been left $100k out of pocket following the collapse of a prominent glass door and window manufacturer earlier this month.
Freeform Sheet Metal, South East Glass Applications Pty Ltd and Suncoast Bolts and Fasteners are each owed in excess of $10,000 each after Hitec Glazing was placed into voluntary administration on March 3 by liquidators at financial advisory firm McGrath Nicol.
The Narangba glazing company’s liquidation comes after its work on a Brisbane luxury apartment tower on 443 Queen Street ground to a halt when construction giant Probuild, which was heading up the project, went under in late February.
A statement issued by McGrath Nicol stated the collapse of Hitec Glazing – which manufactured windows and doors for commercial and industrial projects – left 137 people out of work while a report to creditors revealed the company had collapsed owing $3.25m to trade creditors.
The report to creditors showed Suncoast Bolts and Fasteners had lodged total debts of $45,336.14, followed by Freeform Sheet Metal for $35,431 and South East Glass Applications for $15,540.25.
The overall amount owed to the Sunshine Coast based businesses is $96,357.39 collectively.
NAB was listed as a secured creditor for nearly $5m while an engineering firm was listed in the report to creditors with a $1.5m priority claim and a window supply firm was recorded as a significant trade creditor claiming a debt of $1.05m, among others listed in the report to creditors.
It was yet to be determined if more creditors in the region would lodge proof of debt claims regarding Hitec Glazing’s liquidation.
McGrath Nicol liquidator Mark Holland said their investigations into what triggered the company’s collapse and how it will affect creditors are still in their early stages and ongoing.
“For us it’s too early to speculate on Hitec’s collapse and the impact it will have on other stakeholders but the circumstances around that will be among the main parts of our investigation” Mr Holland said
“At this point in time we’re focused on understanding the assets and the creditor claims of the company.
“We’re continuing to receive claims from creditors including proofs of debt and expect further to come in over the course of the next month.”
Suncoast Bolts and Fasteners was approached for comment but did not respond while Freeform Sheet Metal declined to discuss the matter.
Hitec Glazing was also approached for comment.
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