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CQ construction firm folds, owing over $2 million

MOVING OUT: Boxes were yesterday being removed from a Busby Group address on Campbell St.
MOVING OUT: Boxes were yesterday being removed from a Busby Group address on Campbell St. Allan Reinikka ROK120218abusby1

ROCKHAMPTON civil and minesite construction company Busby Contracting Pty Ltd has gone into voluntary liquidation owing more than $2 million to creditors, employees and the tax office.

The decision to wind the company up came at a general meeting held in Brisbane on February 5.

Busby Contracting Pty Ltd had been involved in mines including Eagle Downs, Baralaba, Isacc Plains, Caval Ridge, Rolleston, Peak Downs, Broadmeadows, North Moranbah, Dawson, Curragh, Kestrel, Hail Creek, Coppabella, Jellinbah, Blackwater and Moorvale, and Dyno Nobel Ammonia Nitrate Plant.

The company had also completed large-scale culvert, drainage and protection works for Roadtek and Queensland Rail.

Documents lodged with the Australian Securities and Investments Commission on February 5 outlined the minutes of the general meeting where company directors Donald Stephen and Patrick Busby confirmed the company was insolvent and unable to pay debts.

The decision was made to voluntarily wind up the company, which would place it in immediate liquidation.

Joanne Dunn and John Park from Brisbane company FTI Consulting were appointed liquidators.

Ms Dunn told The Morning Bulletin documents lodged with ASIC yesterday detailed the company's expenses as outlined by the directors.

They show $420,000 owed to employees, about $600,000 owed to trade creditors and $1.4 million owed to the Australian Tax Office.

Ms Dunn said FTI Consulting had much investigation to do into Busby's finances and it was early in the liquidation process.

She said the liquidator's was to collect outstanding money and, in paying that to debtors, employees would take priority.

She said anyone needing further information could call FTI Consulting's Brisbane office.

Topics:  construction insolvency liquidation tmbbusiness


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