Candice Warner’s brother Tim Falzon loses his Sydney business as NSW insolvencies soar

A company owned and run by media personality Candice Warner’s brother is one of a rapidly growing number of businesses in NSW that are failing. See our list of every NSW company that’s gone under recently.

A company owned and run by media personality Candice Warner’s brother is one of a rapidly growing number of businesses in NSW that are failing.

There were 237 new insolvencies in NSW in October compared to 195 in the same month of last year – a jump of 22 per cent, analysis of data from the corporate regulator shows.

Among the businesses to falter was Falzon Formwork & Concreting, whose sole director and shareholder is Tim Falzon, older brother of Candice – the former ironwoman married to cricketer David Warner.

Falzon Formwork was registered in 2016, operating mainly in the eastern suburbs but in areas such as Earlwood and St Ives, where the company helped build Jewish Mikvah baths in 2021.

The first sign of trouble for Falzon Formwork emerged in April when a division of construction materials giant Boral applied to the NSW Supreme Court to wind up the company.

Tim Falzon speaking at his sister Candice Warner’s wedding reception. Picture: Instagram

While the application was dismissed a few days later, in July, steel reinforcement supplier BestBar (NSW) Pty Ltd applied to the Victorian Supreme Court for a winding up order.

Another company, Parramatta’s Metromix Pty Ltd – whose shareholders include industry heavyweights Hanson and Holcim – appears to have joined that action.

David and Candice Warner. Picture: Jonathan Ng

Last month, the Victorian Supreme Court ordered Falzon Formwork be wound up in insolvency.

Steven Staatz of the firm Vincents was appointed liquidator. Mr Staatz did not respond to calls to Vincents’ Brisbane office.

The phone number for Falzon Formwork was not connecting calls on Monday. Other attempts to contact Mr Falzon were unsuccessful.

The construction sector has the second-highest rate of failures among all industries, said CreditorWatch chief economist Anneke Thompson.

The highest rate is in the food and beverage trade.

The patch of the economy that is faring best is arts and recreation.

Ms Thompson said pressures on construction businesses were coming from higher interest rates, suppliers cracking down on late payments and tax debts being called in after the end of the GST holiday.

CreditorWatch chief economist Anneke Thompson. Picture: Supplied

For some operators these pressures had become so severe that they were failing even though they were not struggling for work, she said.

CreditorWatch is predicting tougher times economy-wide.

It is forecasting the overall shutdown rate will “increase at quite a steep rate” from 4.47 per cent of all businesses to 5.8 per cent by September next year, to what would be the highest level for more than four years.

Tuesday is likely to bring more bad news for businesses, with the Reserve Bank of Australia expected to increase interest rates to combat persistent inflation.

The cash rate has been steady at 4.1 per cent since June.