Creditors to receive dividends after collapse of National Construction Management
Priority creditors affected by the $8.8m collapse of a Queensland construction company could soon receive a dividend payment, as the liquidation progresses through its second year.
Sunshine Coast
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Priority creditors caught up in the $8.8m collapse of a Sunshine Coast-based construction company could soon receive a dividend payment, as the liquidation progresses through its second year.
Building company, National Construction Management Pty Ltd, directed by Michael Robbie, collapsed in March 2023 and appointed Worrell’s liquidator Dane Hammond to wind the company up.
As of June 2023, 123 creditors had lodged claims totalling a debt of about $8.83m.
The latest notice regarding the company was published to the Australian Securities and Investments Commission on Monday, July 15, informing creditors the first dividend was expected to be declared on August 28.
Mr Hammond said a number of claims had been settled, which would allow the payment of dividends to priority creditors.
“We have settled a couple of claims that we had been pursuing which has produced sufficient funds to declare and pay a dividend to priority creditors of the company only at this point in time,” Mr Hammond said.
In a report to creditors in June last year, Mr Hammond said initial investigations had indicated the construction company became insolvent in June 2022.
The amount of debt incurred after this time was estimated to be at least $1.8m.
According to Mr Hammond’s report, Mr Robbie closed the business around December 2022 or January 2023 due to “insufficient cash flow”.
“The director advised that the business of the company was closed around December 2022/ January 2023 due to insufficient cash flow being generated to continue the operations of ongoing projects which have since been terminated,” Mr Hammond said.
Mr Hammond said a further report with a full update on the liquidation would be released to creditors in the coming months.
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