The Canberra-based builder that was ‘teetering’ earlier this week appointed voluntary administrators to five of its companies on Tuesday.
Canberra-based PBS Building put its NSW, ACT and Queensland construction businesses into voluntary administration on Tuesday in what directors called a “gut-wrenching decision” – and warned of more corporate failures to come.
The five PBS companies had a collective 80 residential and commercial projects under way in different stages. Work on all sites had stopped and it was unclear whether the work would restart or whether the sites would be shut down and handed over to clients, Mr Colbran said.on Monday, with developer Doma saying work had stopped at the site of its 184-unit Melrose project in Woden in the national capital.
“On Monday we informed over 180 staff – who are based in three different states and territories – that we could no longer afford to continue the business,” Mr Carter said. Figures published by corporate regulator ASIC on Tuesday showed that the number of building industry insolvencies has jumped, with a preliminary total of 208 insolvency actions taken over companies so far in the March quarter, compared with 271 in the same quarter last year.– with more than three months still to go for the year.
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