Sublime Constructions has been placed into Administration, leaving extensive work uncompleted and unpaid trade debts around Canberra.
The decision to place the Company into Voluntary Administration came 2 weeks before a court date set to hear a winding up application from another Canberra company, Trussme Pty Limited.
Trade creditors are estimated to be owed in excess of $100,000.
Chamberlains solicitor David Robens filed the wind-up application on behalf of client Trussme in relation to a claimed $19,000 debt, and said he would pursue the claim if a better plan was not offered.
“It is disappointing to see that the administrator has only been appointed after the pressure that we have applied through the court,” Mr Robens said. “If the administrator does not present a better position than the liquidation, then I will ask the court to wind up Sublime Constructions & Development Pty Ltd on 3 March.”
Mr Robens said he did not have firsthand evidence of the total value of creditors’ claims, but said based on contacts he had received “it would be in the hundreds of thousands” of dollars.
The first meeting of creditors is to be held on 27 February 2014, according to ASIC Notices.
Jamieson Louttit of Insolvency and Advisory firm Jamieson Louttit & Associates said that “in this situation, Administration may be the right course of action, to save creditors being put of of pocket even further.”
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