Gcb-link company collapses
A Gold Coast formwork company linked to collapsed major builder GCB Constructions has gone into liquidation, owing almost $500,000 to 22 former staff members.
Pack Properties, which traded as Boston Formwork, is solely directed by GCB Constructions director Trent Clark.
GCB went into liquidation in November owing more than $52m, with the liquidator telling subcontractors they were likely to get less than 11 cents for every dollar owed.
Pyramid Capital appointed receivers to Pack Properties in September over an $8m loan.
Documents lodged by the receivers said Pack had loaned $287,974 to GCB Constructions, but that GCB was also its creditor and was owed $143,396.
No assets were recorded by receivers as being held by Pack Properties.
Steven Staatz, of Vincents, was appointed liquidator on February 26.
A report on the company’s affairs by Mr Clark said it owed wages, superannuation and other entitlements totalling $412,913 to 22 employees.
The report said that Pack Properties also owed $84,919 to other creditors, including $40,532 to formwork company Ischebeck Titan and $20,937 to Trade Tools.
Mr Clark’s report did not outline any debts to Pyramid Capital, nor to GCB Constructions.
Mr Clark said there was “no story” in the liquidation of Pack Properties.
“Jus t shutting down old businesses, that’s all,” he said via text.
He declined to comment further.
GCB liquidator David Stimpson said GCB stopped paying tax more than a year before it went under and had $791,220 in assets to cover its $52m in debts.
Mr Stimpson reported potential insolvent trading and unfair preference payments made by GCB, which he added had likely been insolvent from January 1, 2023.
Mr Clark publicly said his company was solvent as recently as June, while five companies joined legal action to wind it up and it battled developers of two of its major projects.
Construction of more than 500 apartments in 13 projects were left in limbo in the collapse.
Administrators found the Gold Coast company stopped paying tax more than a year ago and defaulted on a $10m loan in the months before its licence was suspended.
A previous report from the liquidators said that almost $72m in payments made by GCB to subcontractors and suppliers as far back as November 2022 could be “clawed back” and shared between all creditors.