Condev Constructions annual return reveals lawyers, liquidators and bank among few paid in year

Creditors of Condev Constructions are still owed more than $61m, a year on from the devastating collapse. But there are some people who have been paid – here’s who.

Unsecured creditors of Condev Constructions are still owed more than $61m, a year on from the devastating collapse.

In the first annual return for the failed building giant, it emerged a bank, lawyers and liquidators have received the most significant payments to date in the year-long liquidation.

Liquidator James Robba of Worrells said 700 unsecured creditors were still owed $61.4m between them as at March 15, while former employees were owed $2.2m.

Secured creditor debts of $805,471 – owed largely to Westpac – had been settled by that date.

Meanwhile, liquidators and lawyers were paid almost $600,000 between them.

Mr Robba’s report said he expected the liquidation to be completed by March next year.

Condev building sites were locked up a year ago, with some projects since completed by other builders. Picture: NIGEL HALLETT

Liquidators had previously found Condev was entering “unprofitable contracts” and haemorrhaging up to $1.5m a month in the 10 months before its collapse.

It had been “experiencing issues with its solvency since at least November/December 2021”.

Mr Robba’s report said he’d had managed to obtain $2.79m in cash for the liquidation during the year, largely by selling assets.

Assets sold included two apartments at Laver Dr, Robina, for a total of $941,000, and 17 lots of computer gear and other items were sold by Lloyds for a total of $244,756.

A quantity of precast concrete was sold off for $50,000.

The company also received $63,751 in tax refunds and $162,607 from the Anglican Church Grammar School, where Condev built a creative arts hub.

The liquidator said he had made $1.64m payments in the year since Condev collapse, and $991,126 remained in the bank.

Legal fees of $360,701 had been paid, while the liquidator had received $225,885 for the year.

Employees had been paid $1.8m under the Federal Government’s fair entitlement guarantee scheme.

The report said there may be a payment to “priority unsecured creditors”, and a potential insolvent trading claim against the bankrupt estate of Condev director Steve Marais.

Condev founders Steve and Tracey Marais.

Mr Marais was declared bankrupt on July 19.

Among the projects Condev was building on the Coast when it failed was the $200m Capital Court towers at Varsity Lakes, the $140m Allegria at Palm Beach, the $77m Natura at Burleigh Heads and $76m Allure at Chevron Island.

Originally published as Condev Constructions annual return reveals lawyers, liquidators and bank among few paid in year