Revealed: When creditors can learn fate of builder bust

Administrators have confirmed when creditors of a collapsed major Sunshine Coast building firm will have their first meeting.

Townsville, Qld 29 January 2016 - FTI Consulting lead administrator John Park addresses an empty room ahead of today's Queensland Nickel creditors meeting - Photo: Cameron Laird (Ph: 0418 238811 [e-mail])

ADMINISTRATORS have confirmed when creditors of a collapsed major Coast building firm will have their first meeting.

FTI Consulting's John Park and Kelly-Anne Trenfield are set to run a virtual meeting with creditors of RGD Group Pty Ltd and RGD Constructions Pty Ltd, the first meeting of creditors since the long-time Coast companies were placed in administration late last week.

The electronic meeting was set to be held at 11am on May 20, with creditors wishing to take part in the meeting required to submit any proofs of debt and proxies to the administrators by midday on May 19.

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The purpose of the meeting was for creditors to consider whether to appoint a committee of inspection and if so, who would be the committee members.

At the meeting creditors could also resolve to remove the administrators from office and appoint another administrator.

RGD buildings.RGD office

The long-time Coast construction companies were directed by Ron Grabbe, a prominent member of the local outrigging community.

He told the Daily a combination of factors had led to the collapse, including onerous lending conditions, coronavirus effects and a financially catastrophic project in Brisbane.

He thanked his loyal staff and thanked the Clark family for their assistance, and vowed to work with administrators to get the best possible result for creditors.

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Further details of the upcoming meeting, and how creditors could participate electronically would be provided "in due course" the meeting notice said.

Creditors wishing to take part had to return to the administrator no later than the second-last business day before the meeting a written statement outlining the following: The name of the person and of the proxy or attorney (if any), an address where notices to the person, proxy or attorney could be sent and a method by which the person, proxy or attorney could be contacted for the meeting.

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