Yahoo Finance Building company collapses, vanishes
A Tasmanian building company has gone into liquidation, leaving multimillion-dollar projects in the lurch.
It is the latest in a seemingly never-ending series of building firms collapsing as the industry faces the rising cost of labour and construction materials.
A liquidator was appointed to Multi-Res Builders Pty Ltd on May 14, according to a notice published on the Australian Securities and Investments Commission.
“Notice is given that at a general meeting of the members of the company held on 14 May 2023, it was resolved that the company be wound up …,” the notice read.
Levi Consulting director David Levi has been appointed to undertake the liquidation process.
The company has since wiped clean its online presence, with its website void of any content, social media accounts deactivated and telephone set to hold music.
Sydney-based plumbing company Limcora Pty Ltd’s chief executive Evan Graham told The Mercury they are still owed $100,000 from jobs they completed for Multi-Res.
He estimated a number of townhouses being built by the firm at Glenorchy were worth up to $10m.
The company’s Facebook profile and Instagram account were unable to be viewed while their LinkedIn remains online but has been wiped almost entirely clean.
Google reviews of the company show a slew of unhappy customers sharing their experiences over recent months.
One person described the company as “absolutely shocking” before claiming they had knowledge of contractors who were owed money from the firm.
NCA NewsWire has contacted Multi-Res Builders for comment.
