Coolum Beach building company, Powers Konstructions, enters administration
A Sunshine Coast building company has voluntarily entered administration, making it the latest local business to go down that path. Here’s what we know.
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A Coolum Beach-based construction company has voluntarily entered administration this week, making it the latest local business to bring in administrators amid ongoing cost increases across the building industry.
The company Powers Konstruction Pty Ltd appointed administrator, Rajiv Ghedia from Westburn Advisory, on Monday May 20, 2024.
The company was first registered in 2019 by director and secretary, Trent Ashley Little, according to Australian Securities and Investments Commission documents, and operates from Coolum Beach.
The documents submitted by Mr Ghedia to ASIC state the construction company was initially referred to him by Emergency & Preventative Accounting Specialists late last month.
The ASIC notice stated the first meeting of creditors for the company would take place next week, on May 30, to decide whether a committee of inspection will be required in the administration process.
The administration of Powers Konstructions comes after multiple Queensland building companies have been forced to bring in administrators and liquidators over the past year.
Among high-profile companies to be impacted are Sunshine Coast-based National Construction Management, Descon Group Australia and CMG Homes.
Industry leader, Tony Quinn, previously told this publication many small construction businesses had been impacted by skyrocketing cost increases.
Mr Quinn estimated the cost of building a home in Queensland had increased by 70 per cent in the past 10 years.
Both Mr Ghedia and Mr Little were contacted for comment.
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Originally published as Coolum Beach building company, Powers Konstructions, enters administration
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