List of creditors for failed Gold Coast builder Condev Construction and how much they owed

The collapse of Gold Coast building giant Condev has had a widespread ripple effect. Here’s every creditor of the collapsed company, and what they’re owed.

A big bank and a local development company have been revealed as the biggest creditors of failed Gold Coast construction giant Condev, as liquidators continue to pick apart the devastating $56m collapse.

A former Condev building site at 17 Cannes Ave, Surfers Paradise. Picture: Nigel Hallett

As claims against Condev continue to mount, Westpac is the largest creditor, with a secured debt of $6.23m.

Illustrating the knock-on effect the collapse has had in the industry, the second-largest creditor is Palm Beach Development Co, which has logged a claim of $3.54m.

The developer had contracted Condev to build a sold-out $140m tower at Palm Beach, but were forced to dump their plans and return buyer deposits after suffering a multimillion-dollar cost blowout.

Site works, including a new sea wall, had started in January and, while a new builder was appointed to complete the job, building costs ballooned as much as $10m since buyers signed up, with the bank subsequently withdrawing finance.

Also among the largest creditors is Narangba roofing company Pantex, which is owed $2.32m; property investment company CVS Lane ($1.67m); and Canberra-based construction company Tilton, which has a depot in Yatala and is owed $1.19m.

Concreters, earthmovers, window suppliers, plumbers and others make up the hundreds of small and medium businesses owed millions in unsecured debts, which liquidators say is unlikely to be repaid.

Condev founders Steve and Tracey Marais sitting down with the media at their Robina headquarters to discuss the collapse of their company.

In the days before Condev went into liquidation, its founders unsuccessfully pleaded for a $25m lifeline from developers.

Liquidators from Worrells have revealed Condev was haemorrhaging up to $1.5m a month in the 10 months before its collapse and had also been entering into “unprofitable contracts”.

Debts to subcontractors, staff and other creditors have been revealed as more than $56m, sharply higher than what was initially disclosed in the director’s report, while liquidators also found Condev’s accounts were not kept up to date.

Ongoing investigations into the Condev failure showed the company had lost money in all but one month since June 2021 and even the profit in that month may prove to be an anomaly.

Its losses in the latest financial year had totalled $7.528m by the time liquidators were appointed.