Menu
News

CQ construction firm folds, owing over $2 million

MOVING OUT: Boxes were yesterday being removed from a Busby Group address on Campbell St.
MOVING OUT: Boxes were yesterday being removed from a Busby Group address on Campbell St. Allan Reinikka ROK120218abusby1

ROCKHAMPTON civil and minesite construction company Busby Contracting Pty Ltd has gone into voluntary liquidation owing more than $2 million to creditors, employees and the tax office.

The decision to wind the company up came at a general meeting held in Brisbane on February 5.

Busby Contracting Pty Ltd had been involved in mines including Eagle Downs, Baralaba, Isacc Plains, Caval Ridge, Rolleston, Peak Downs, Broadmeadows, North Moranbah, Dawson, Curragh, Kestrel, Hail Creek, Coppabella, Jellinbah, Blackwater and Moorvale, and Dyno Nobel Ammonia Nitrate Plant.

The company had also completed large-scale culvert, drainage and protection works for Roadtek and Queensland Rail.

Documents lodged with the Australian Securities and Investments Commission on February 5 outlined the minutes of the general meeting where company directors Donald Stephen and Patrick Busby confirmed the company was insolvent and unable to pay debts.

The decision was made to voluntarily wind up the company, which would place it in immediate liquidation.

Joanne Dunn and John Park from Brisbane company FTI Consulting were appointed liquidators.

Ms Dunn told The Morning Bulletin documents lodged with ASIC yesterday detailed the company's expenses as outlined by the directors.

They show $420,000 owed to employees, about $600,000 owed to trade creditors and $1.4 million owed to the Australian Tax Office.

Ms Dunn said FTI Consulting had much investigation to do into Busby's finances and it was early in the liquidation process.

She said the liquidator's was to collect outstanding money and, in paying that to debtors, employees would take priority.

She said anyone needing further information could call FTI Consulting's Brisbane office.

Topics:  construction insolvency liquidation tmbbusiness

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Mill starters secure sweet job

FRESH FACES: Caleb Robinson, Liam Dand, Matthew Bailey and Sam Johnson were inducted this week at the Proserpine mill.

Mill starters secure sweet job.

Swimmers heading to Qld sprints

SWIM CHAMPS: Kate McDonald (13) Jacob Dewis (12), and Emily Vique (11) will compete at the Queensland State Sprints Meet this weekend, pictured with coach Jacinta Pennisi.

Whitsunday swim club members off to big smoke.

Cash flow for Prossie Wilmar growers

PRE-SEASON: Wilmar Sugar is offering advance payments at a competitive fixed interest rate.

Wilmar announced its interest rate for the pre-season payment

Local Partners