More than $11m owed to hundreds of subbies as another building company goes under

A financial report by liquidators has revealed the crippling financial woes of a major builder, which owes millions of dollars to hundreds of creditors.

A major construction company owned by Melbourne Cup winner Paul Lanskey owes more than $11m to creditors, including the Australian Taxation Office, along with hundreds of contractors and subbies, financial documents reveal.

Lanskey Constructions QLD Pty Ltd collapsed in October, with liquidators appointed to wind up the company.

Founded in the mid-1980s, it is owned by Ross Williams and Mr Lanskey, who is also part-owner of this year’s Melbourne Cup winner, Vow and Declare.

While Lanskey Constructions has offices all over the country, only the Queensland business is subject to liquidation.

Ben Campbell and John Park, of FTI Consulting, have been appointed liquidators.

Lanskey Constructions QLD collapsed last month, owing millions to creditors. Picture first used by The Urban Developer.

A report lodged with the Australian Security and Investments Commission (ASIC) reveals the true scale of the financial woe of the Queensland business.

A total of $11.2m is owed to 282 creditors, the financial report reveals.

National Australia Bank is owed $778,000, while the Bond and Credit Company is owed $888,000.

More than $339,000 is owed to the Australian Taxation Office.

But construction company Wagstaff Piling is owed the most out of all the creditors, with a whopping $1.5m outstanding.

Hundreds of other subbies are owed varying amounts in the documents, including electricians, concreters, scaffolders and painters.

In a statement, FTI Consulting said the appointment of liquidators did not impact other entities in the Lanskey Constructions Group.

Paul Lanskey, director of Lanskey Constructions QLD, is the part-owner of this year’s Melbourne Cup winner, Vow and Declare.

“The Liquidators will seek to manage the affairs of the Company in a manner which maximises the outcome for its creditors. There are currently no staff directly employed by the Company,” the company told news.com.au last month.

“Creditors of Lanskey Constructions QLD Pty Ltd will be updated in due course.”

Lanskey Constructions was contacted for comment.

The building giant’s collapse comes amid a series of large-scale business closures all over the country, many rocked by labour shortages, supply chain disruptions and increased costs.

Queensland builder Besse Construction went bust in August, owing $1.7m to creditors.

That same month, Oracle Platinum Homes was placed into liquidation, leaving 300 homes in the lurch and 70 staff out of a job.

The company owed $14m to creditors.