Construction companies restructure after accumulating more than $500K in debt

The director of two Sunshine Coast-based construction companies has brought in a restructuring practitioner after accumulating more than $500,000 in debt.

Two local construction companies have restructured. Picture: NCA NewsWire / Martin Ollman

The director of two Sunshine Coast-based construction companies has brought in a restructuring practitioner after accumulating more than $500,000 in debt.

One company, Insurance Construction Company Pty Ltd, appointed Jarvis Archer as the restructuring practitioner on July 13, 2024, according to the Australian Securities and Investments Commission notice.

Buderim man, Jarrod Leigh Reed, was appointed as both director and secretary of the Insurance Construction Company in May 2022, according to the ASIC documents.

The company is based at shop four, 149-151 Brisbane Rd, Mooloolaba.

Mr Archer was also appointed as the restructuring practitioner for Mr Reed’s other company, Queensland Interior Linings Pty Ltd, which operates from the same Brisbane Rd address in Mooloolaba, according to the documents.

Queensland Interior Linings was first registered with the corporate regulator in July 2016.

Records show the company previously traded as JLR Interior Linings Pty Ltd and Sure Cover Roofing Pty Ltd.

Mr Archer submitted restructuring documents for both companies to creditors on June 24, 2024, outlining he believed they were eligible to meet the requirements of a restructuring plan.

According to the documents, published on ASIC, the Insurance Construction Company owes the ATO approximately $212,636 in debt, as well $18,649 owed to Queensland Revenue.

Queensland Interior Linings owes a total of $342,164 to creditors, including $143,182 to the ATO, $122,825 to Workcover Queensland and $55,401 to the Queensland Rural and Industry Development Authority.

Mr Reed has been contacted for comment.