IN 16 years of business in Central Queensland Geoff Gumley estimates he has lost between $250,000 to $400,000 in bad debt from other companies who owe him money who are now in liquidation.
The owner of CQ Fasteners, which has stores in Rockhampton and Yeppoon, said while it is very frustrating, it has just become the norm in his type of industry.
When you supply into the construction industry there is some risk you arent going to get paid, he said.
We cant even get insurance to cover bad debt.
And when one construction company goes down, three-quarters of the building industry suppliers in town take a hit goes down, he said.
This was evident with the collapse of JM Kelly in October 2018.
The $50m liquidation saw the loss of more than 2…
Read the full article at: https://www.themorningbulletin.com.au/news/cq-small-businesses-cry-out-for-better-liquidation/4049937/
