June 25, 2013

24 May 2012 – Morning Bulleting Rockhampton | Caught between rock and hard place

Ava Benny-Morrison

THE administrator of the debt-laden Laprock Construction Pty Ltd is weighing up whether he will seize property from the company’s offices and directors to recover a $2 million debt.

The nationwide company owes $2 million to creditors, including sub-contractors in Rockhampton who were left high and dry after Laprock Construction was not contracted to refurbish The Rock Building Society.

Laprock Constructions went into voluntary administration on May 10.

Following a creditors meeting in Brisbane yesterday, the administrator of the company SV Partners said it was too early to tell if or when creditors would get their money.

Four creditors from Rockhampton, the Sunshine Coast and Brisbane met with the administrator while other creditors phoned into the meeting.

SV Partners director Tim Heesh said the creditors felt the liquidation was unexpected.

“They are very concerned as to what happened to some of the progress payments that were received before the appointment (of the administrator),” he said.

“They believe the directors have not done the right thing and are concerned (whether) there will be appropriate repercussions for them.”

When APN Newsdesk asked about the effect the company’s demise had on them, none of the creditors were willing to comment.

One man simply said: “It’s not good, mate”.

The meeting resolved to set up a committee of inspection, comprised of creditors, to work with the liquidator.

Mr Heesh said there was sufficient interest from the creditors that they wanted to provide their “thoughts and guidance” to the liquidator in areas relevant to the outcome.

Creditors also learned the administrator was investigating whether sister company Laprock Propriety Ltd would be appointed a liquidator and the potential recovery from offices and directors.

The administrator will also scrutinise Laprock Construction’s final transactions.

“We are exploring some of the transactions that happened immediately prior to our appointment to try to understand the audit trail behind those transactions and their implication,” Mr Heesh said.

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