More than 50 creditors are owed some $1.2 million, and a job at an elite school was left unfinished after a Gold Coast construction company was liquidated.
W3D Constructions Pty Ltd, owned by Ross Wolbers, the son-in-law of prominent Gold Coast developer Norm Rix, went into liquidation on December 7.
The company was building multimillion-dollar projects at The Southport School (TSS) where Mr Wolbers, 57, was an old boy, The Gold Coast Bulletin reports.
The works reportedly involved a sporting pavilion and day boarders’ facility, both of which have not yet been completed.
TSS is one of Queensland’s most prestigious private schools, educating boys from preschool (kindergarten) through to year 12.
The Anglican day and boarding school has the largest boarding facilities in the state – and one of the largest in the country.
According to The Bulletin, tradies were told to “pack up your tools and get off the job” when work stopped abruptly on the building projects earlier this month.
“We didn’t deserve that, especially at Christmas time,” one said.
It is understood TSS has engaged new builders to finish the school jobs.
A report by liquidator Matthew Bookless, of SV Partners, reveals almost 50 creditors are owed a total of $1.278m by W3D, with debts ranging from $170 up to $275,000.
The National Australia Bank is owed the most, at $275,000; while Quality Aluminium and Fabrication is owed almost $208,000. The Australian Taxation Office is also listed as a creditor for an unknown amount.
The Wolbers Family Trust is listed as being owed $2000.
According to the creditors report, W3D has assets valued at $274,185.04 but only $32,257.64 – listed as cash on hand – is realisable.
Partly-secured creditors are owed $45,804.29, leaving an estimated deficiency of $1.273m.
