PPS Commercial, PPS Qld in liquidation as 3000 building companies collapse in past year

Two Queensland construction companies have collapsed owing $4.5m, it’s the latest devastating run of construction companies being placed in liquidation.

Two construction companies have collapsed owing $4.5 million, with the list of creditors tipped to rise.

Gold Coast companies Burleigh Heads-based PPS Qld and PPS Commercial were placed into liquidation on Monday, leaving a number of projects incomplete.

It’s the latest devastating run of construction companies falling into liquidations across Australia.

It's the latest devastating run of construction companies falling into liquidations across Australia

PPS Qld is believed to owe creditors $1.8 million, while PPS Commercial owes $2.7 million.

McLeods Accounting has been appointed as the liquidator.

Liquidator Nick Keramos told the Gold Coast Bulletin figures are likely to change as more creditors come forward.

“The majority of the creditors we are aware of at this juncture are suppliers, subcontractors and employees,” he said.

“The main reason provided by the directors for both companies is adverse trading conditions in the construction industry.”

Most creditors are suppliers, subcontractors and employees.

He said PPS stopped trading before being placed in liquidation, but it had a number of incomplete projects.

He said most creditors were suppliers, subcontractors and employees.

Construction businesses across the country have gone bust at a record rate over the past two years.

Soaring costs, prices and interest rates are among the reasons being blamed for the wreckage.

Thousands of building projects and Australian dreams have been impacted amid the chaos.

ASIC data shows there were 2832 insolvency appointments made in the construction industry over the past 12 months.

Originally published as PPS Commercial, PPS Qld in liquidation as 3000 building companies collapse in past year