BUSBY Contractings liquidation is set to be wound up by the end of this year as their debts have blown out to almost $5 million.
The company, which went into voluntary liquidation in February 2018, claims the liquidation was a result of underquoting liquidation of associated major debtors and flooding of their project sites.
It was initially reported the civil and minesite contracting construction company owed $2.4 million to creditors, employees and the tax office.
In fresh documents obtained by The Morning Bulletin, it has been revealed the debt was estimated to be $4,775,388.78.
FTI Consulting was appointed as an administrator on February 5, 2018, however the company could have been insolvent from as early as mid-2016.
Read the full article at: https://www.themorningbulletin.com.au/news/named-60-businesses-impacted-by-major-cq-firm-liqu/4046367/