Yaroomba building company, Shore Homes Pty Ltd, brings in liquidators

An established Queensland building company has collapsed owing more than $1.3m after 10 years in the construction industry.

Yaroomba building company, Shore Homes, brought in liquidators on July 9, 2024.

An established Sunshine Coast building company has collapsed owing more than $1.3m after 10 years operating in the region’s residential construction industry.

The Australian Securities and Investments Commissions documents state Shore Homes Pty Ltd appointed liquidator at Rodgers Reidy, Kaily Lyn Chua, on Tuesday, July 9, 2024, when it was decided the company would be wound up.

According to the ASIC documents the company was first registered in September 2013 and began operating from a residential address in Yaroomba in 2016.

The company had traded under multiple business names, including Superior Carpentry and Constructions Pty Ltd and Zaia Property Group, according to the ASIC documents.

Sunshine Coast man Joshua Leslie Baxter acted as the secretary and director of the company since it was established in 2013.

Ms Chua’s first report to creditors was published on Monday, revealing the company had accumulated an estimated $1.324m in debts owed to more than 30 creditors.

An estimated $357,519 is owed to the Australian Taxation Office and $116,400 is owed to Toyota Finance Australia Limited.

A debt of $374,126 is listed in the report as being owed to a contingent creditor.

Within the report, Ms Chua states a “significant” rise in costs had impacted the company’s cash flow over the past two years.

“Based on the information currently in my possession, I believe that the company’s failure was caused by inadequate cash flow and lack of financial controls and was likely to have been exacerbated by deficiencies in project management,” Ms Chua said.

Ms Chua said further investigations were needed to confirm whether the company was insolvent trading prior to the collapse or if there had been any uncommercial transactions made.

It is estimated the winding up of Shore Homes will take between six months and one year.

Mr Baxter has been contacted for comment.