The first meeting of creditors of PBS construction entities operating in ACT, NSW and Queensland has been set by the Administrators, RSM Australia Partners Jonathon Colbran, Richard Stone and Mitchell Herrett, for 17 March.
RSM Australia Partners issued the meeting notice to more than 1,000 creditors on 9 March. The meeting will be held in Canberra and virtually.
RSM Partner Jonathon Colbran said aside from the statutory purpose of the meeting, Administrators would inform creditors about the status of the administration and the process.
“The administration process generally takes approximately four to six weeks to advance to a meeting where creditors will be asked to decide the future of the companies,” he said.
Mr Colbran said the Administrators had been working around the clock to unpack the complex licencing, insurance, operational, contractual and legislative issues involved in the administration of the five PBS companies.
“All impacted customers are important. However, our initial priority has been to identify how many of the 80 residential and commercial projects PBS construction companies had been contracted to deliver and those that were in an active stage of construction – stages such as commencement on site through to certificate of occupancy,’’ he said.
“The Administrators have now ascertained there were approximately 24 active projects at the date of their appointment: 11 in the ACT; 8 in NSW; and 5 in QLD.”
Mr Colbran said the Administrators had engaged with every one of these customers with a view to finding ways to help customers get the projects moving and to re-engage sub-contractors.
“The Administrators have determined that the remaining 56 projects have been completed and are currently in a defect liability period. In the event these project customers require support, we are exploring ways in which we can assist,’’ he said.
“It has been less than a week since the Administrators were appointed, but solid progress is already being made.’’
Initial investigations by the Administrators identified more than 1,000 secured and unsecured creditors were owed approximately $25 million. This did not include PBS’s 180 employees who were made redundant and were paid out their entitlements in full before the Administrators were appointed.
RSM Australia Partners will deliver a detailed creditor’s report on the outcome of their investigations into PBS’s construction arm, including recommendations, within about three to four weeks.
Creditors affected by the administration of the PBS construction companies should contact RSM via email at [email protected] or on (02) 6217 0228.
Jonathon Colbran, Richard Stone, and Mitchell Herrett
Joint and Several Administrators
RSM Australia Partners
PBS Building Pty Limited
PBS Building (ACT) Pty Limited
PBS Building (NSW) Pty Limited
PBS Building (QLD) Pty Limited
PBS Management Company Pty Ltd
(All Administrators Appointed)
Collectively trading as PBS Building ACT, NSW and QLD