Four construction and development companies believed to be linked have gone bankrupt, leaving 25 projects up in the air.
The New South Wales companies – Adroit Constructions Pty Ltd, Maximus Builders Pty Ltd, Maxim Builders Pty Ltd and Maxus Builders Pty Ltd – went into liquidation on Tuesday.
Bruce Gleeson of Jones Partners has been called in as liquidator and told news.com.au that 25 projects in the four companies have been suspended.
All the companies are registered at an address in Ryde, north Sydney, and are understood to be linked.
The companies were not trading at the time they entered liquidation.
“Among the four companies, there were approximately 25 contracts in various stages of completion,” Gleeson told the publication.
“We are currently in the process of communicating with clients on this issue and the impact that would have if companies were placed into voluntary liquidation.”
More to come
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