A major Brisbane home renovation company has gone bust, leaving 35 projects unfinished and owing millions to creditors across the country.
Paul James Galvin, owner of Brisbane-based AQWA Constructions, filed for bankruptcy on April 25, owing $2.8 million to more than 100 creditors across Australia.
The company was launched in 2002, with the promise of being a “one-stop shop” for Brisbane homeowners looking to improve their properties.
Bill Cotter of Robson Cotter Insolvency, appointed as trustee of the estate, found the companies collapsed due to excessive debt and legal action.
“It is clear that the construction companies operated by the bankrupts grew very rapidly over a period of several years during and after the Covid-19 period, and a combination of undercapitalization, poor accounting practices, rising labor and material costs, and lack of management oversight and control, likely contributed to the ultimate failure of the business,” Cotter said in the report.
“In any case, it is quite difficult to pinpoint precise dates of insolvency and our investigations are ongoing in this regard.”
The construction company held a QBCC building permit from 2015 until it was cancelled in June 2024.
Mr Cotter added that the cancellation of the licence means AQWA Constructions will not be able to complete the 35 unfinished projects.
Paul James Galvin, owner of Brisbane-based AQWA Constructions, filed for bankruptcy on April 25, owing $2.8 million to more than 100 creditors across Australia.
“All affected homeowners are advised to contact QBCC to determine where they can make claims under their home warranty insurance policies,” he said.
AQWA Construction’s website remains active despite bankruptcy.
The website touts the company as having staff that “prides itself on being a highly experienced renovation company that specializes in high-quality, affordable home renovation services.”
‘We make complete home renovations easier by planning everything under one roof.
‘AQWA Constructions is a comprehensive home renovation company offering all types of construction and landscaping work.’
The collapse of AQWA Construction is just the latest for Queensland’s construction industry.
An investigation by News Corp found that the number of construction companies filing for bankruptcy has risen by a staggering 194 per cent in the past two years.
The plight of the construction industry has had a devastating ripple effect on thousands of homeowners, subcontractors and suppliers across the state.
An investigation by News Corp found that the number of construction companies filing for bankruptcy has risen by a staggering 194 per cent in the past two years.
