South Australian building company Wake Concepts has collapsed, leaving a slew of unfinished projects and about 100 workers out of a job.
On Wednesday, the business announced it would be “wound up” and Anthony Phillips from Heard Phillips Lieberenz appointed as its liquidator.
A statement released by Mr Phillips said his priority would be to ensure Wake Concepts employees were paid, before investigating what led to the company’s collapse.
“The liquidator’s most urgent task is to help employees get paid, and at first instance that will be by facilitating claims in the government’s Fair Entitlements Guarantee Scheme and the Building Industry Redundancy Scheme,” he said.
“In the longer term, the focus will be on realising as much as can be from the company’s projects and investigating the cause of the company’s failure.”
Wake Concepts is involved in the $1bn build of Walker Corporation’s One Festival Tower, which was slated to be completed in 2023.
Established in 1982, Wake Concepts has been involved in major infrastructure and construction projects across South Australia, including work on the Oval Hotel, the Sofitel’s Luminesque Apartments and the Ashford Hospital.
Earlier this month, major Adelaide home builder Qattro also went under, putting about 200 housing projects in doubt.
According to liquidators from Duncan Powell, the company owed more than $4.5m to unsecured creditors, with more than 200 projects either being built or in pre-construction phase.