Construction and home building companies collapse

NATIONAL

other mandatory characteristic values producers must provide for their LVL.” Craig showed images of the contrasting ways LVL can be manufactured, from the fully CNC controlled “robotic” continuous flow production lines to the manual process production lines where small sheets of veneer are laid out before being cold pressed and then hot pressed. There is not a dedicated industry body responsible for the overseeing of timber in Australia. It therefore falls on the ACCC when there are issues.

After a significant hiatus from events thanks to COVID-19, it was great to be back together in a face-to-face setting.

The building industry in Australia is in crisis with a number of construction and home building companies facing collapse this year. In February, Probuild’s parent company, WBHO Australia Group went into administration. The collapse of Probuild has reportedly left 2,300 creditors owed funds and 14m outstanding in payments to employees. South East Queensland construction company, Condev Constructions, were the next major player that went into liquidation. Following on, many home building companies have begun to fold, including Hotondo Homes Hobart, Peth’s Home Innovation Builders and New Sensation Homes, Sydney’s Next, Queensland’s Pivotal Homes and Solido Builders and Victoria’s Waterford Homes. There have also been reports of another Victorian business, Snowdon Developments with CreditorWatch releasing a report on their business, with apparently more than 2.5m owed. The media reported insolvency rumours facing one of Australia’s largest volume builders, Metricon, also hit by rising building costs, supply constraints and increasing fees from subcontractors. Metricon denied there were financial difficulties and said it is business as usual.

There is speculation that more businesses will face financial ruin over the building and construction boom. It is important to stay on top of business accounts to ensure you do not become a victim.

Guests enjoying breakfast.