Directors of PBS Building companies reveal list of creditors and what they’re owed

Directors of collapsed construction group PBS Building have revealed the names of their largest creditors and how much they’re owed. SEE THE LIST

Directors of collapsed construction group PBS Building have revealed the names of their creditors and how much they say they are owed.

As well as hundreds of businesses owed millions of dollars, creditors include finance companies, a worker’s compensation payout and the tax office, which is owed more than $1m.

Reports on company affairs for five PBS companies were completed by PBS directors Ian Carter and Adam Moore and lodged with ASIC by administrators from RSM Australia late on Tuesday.

The builder - with companies based in Canberra plus offices in Sydney and Brisbane - stopped work and locked up its sites on March 5. It went into administration on March 7.

The group had 80 projects under way and employed 180 staff.

PBS Building directors Adam Moore and Ian Carter

Projects span Hervey Bay to Sydney with sites on the Sunshine Coast, Gold Coast and in the ACT.

Administrators last week lifted their estimate of what is owed by the five failed PBS companies to more than $60m after earlier saying it could be around $40m.

Initial expectations, based on information provided by the directors, estimated debts of $25m.

Company records have revealed PBS was tied to a $42m collapse exactly a decade ago.

The group’s Queensland company alone has subcontractor debts declared at more than $4m.

PBS Building is considered a test case for the state’s new project bank accounts, however, the directors’ report shows the accounts do not appear to hold anywhere near enough to cover the debts.

PBS Building (Qld) declared less than $38,000 in two project trust accounts and $352,920 in trust for subcontractor retentions.

Unusually, the directors’ reports show not just the totals owed to each creditor, but detail every invoice and how late it is.

Major unsecured creditors of Queensland PBS company include Boral, which is owed $101,401; Eastern States Framing $372,861; GOS Formwork $99,959; LTE Structures $461,583; QubicaAMF Worldwide $139,228; $110,558; and Zen Building Contractors, which is owed $227,745.

While scores of big businesses are owed hefty amounts, small and medium subcontracting businesses and suppliers are bearing the brunt of the collapse, making up much of the hefty debt pile.

Locksmiths, painters, plumbers, hire companies, tilers, crane operators, roofers and hundreds more small operators are owed heartbreaking totals.

According to the directors, PBS Management Company debts included the Australian Taxation Office ($1.1m) and American Express, which is owed $402,407.

It’s largest declared asset is a $1m insurance bond.

There are also separate reports for PBS Building (NSW) and PBS Building (ACT) which outline hundreds more creditors in those states.

The amounts may change as administrators comb through the full financial records of the companies.