A construction company in Brisbane owed nearly half a million dollars after a costly dispute with a subcontractor.
The Newstead-based Arcren Building was liquidated last week by Bill Robson of the Robson Cotter Insolvency Group.
Arcren owes more than $ 420,000 to contractors such as electricians, plumbers, steel and concrete suppliers, according to a report to the ASIC creditor field.
Arcren, in turn, claims it owed about $ 600,000 in what is known as « excessive claims » from a contractor building a warehouse for the Virginia company.
Arcren, of which Matthew Flanagan and Matthew Lennon are directors, was registered in 2014 and had completed more than $ 2.2 million in work in the past five years, according to the Queensland Building and Construction Commission (QBCC).
Arcen’s building permit was canceled at its own request last September after the company ran out of funds to pursue the money it believes it owes.
In June last year, a company called Arcren Residential was founded with the same business address as Arcren Building. Mr. Flanagan was listed as a QBCC candidate.
« With liquidators appointed to Arcren Building Pty Ltd, the QBCC will begin revoking and suspending licenses against Mr. Flanagan, » a spokesman said.
« This is a legal process that could expel Mr. Flanagan from the industry for three years. »
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