Uncompleted construction site on Ison Street in the Brisbane suburb of Morningside.
Uncompleted construction site on Ison Street in the Brisbane suburb of Morningside.

Brisbane builder goes bust with workers owed $2.5m

NEWSTEAD-BASED CKP Constructions has collapsed owing creditors more than $3 million and leaving at least four projects around the city uncompleted.

The company, founded in 2003, had built unit and commercial developments before administrators Worrells Solvency and Forensic Accountants were appointed earlier this month.

The company's collapse is the latest in a series of building company failures and comes as the Reserve Bank of Australia singled out the Brisbane property market as an area of concern.

Worrells partner Lee Crosthwaite told creditors that CKP had four apartment and residential projects in various stages of being built in Morningside, Ascot and Alderley but work had now stopped at the sites.

Mr Crosthwaite said it was unlikely there would be sufficient assets to pay CKP's debts if the company was liquidated.

Read more at The Courier-Mail

News Corp Australia

‘Horror movie’: Man’s fight to stay alive

‘Horror movie’: Man’s fight to stay alive

The fight to stay alive in the shark capital of Australia

Police catch drink driver seven times over the limit

Police catch drink driver seven times over the limit

Queensland man blows seven times the legal limit in Tweed

Cameron Interstate 'deeply concerned' about alleged pursuit

Cameron Interstate 'deeply concerned' about alleged pursuit

Cameron Insterstate speaks out after alleged pursuit