Liquidators reveal $12 million black hole for Condev Construction

 The liquidators to Condev Construction have revealed the extent of the financial black hole facing the Gold Coast-based construction company with a $12 million shortfall in assets.

Preliminary investigations by liquidators Jason Bettles and James Robba of Worrells have found Condev has debts of $45 million but assets of only $33 million.

Most of the assets are listed as debtors and retentions which are due to the company, as well as cash and real property.

The company’s debts are largely to unsecured creditors such as sub-contractors, lenders and employees. However, the liquidators note that the level of unsecured debt may change as more developers take on Condev sub-contractors to finish their projects amid peak market demand for apartments on the Gold Coast.

Read More: https://www.businessnewsaustralia.com/articles/liquidators-reveal--12-million-black-hole-for-condev-construction.html



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