Sublime Constructions in liquidation

THE assets of Canberra building company Sublime Constructions and Developments will be liquidated following a ruling by the ACT Supreme Court on Monday.

Nick Combis and Steven Staatz of Vincents Chartered Accountants have been appointed liquidators, after the court refused an application to be allowed to wind up the company from Mackay Goodwin, the firm handling administration of the company throughout its long-running financial difficulties.

Tony Lane of Vincents Canberra office said it would take “some months” to work out how much of its assets were available for creditors, became clear.

“There are a range of claims against the company that we are aware of, some of which will require further investigation before we can be satisfied that they are proper claims,” Mr Lane said.

“We are also uncertain at this stage as to what assets might be available for creditors and what claims may be brought by the liquidators that could yield a return.”

Claims against the company total in excess of $2.6 million, a figure which could rise once the final assessment of incomplete construction projects is made.

“We are not prepared to speculate on what actions the liquidators might bring at this stage, but in circumstances like these it is not uncommon for there to be allegations of insolvent trading,’’ Mr Lane said.

“Naturally we will be considering all possible avenues of recovery for creditors in this matter and our focus will be necessarily broad. We will be liaising with the administrator to understand the work he has performed to date and that will, in part, guide our enquiries going forward.”

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