AUDITORS are working to explore the liquidity of Sale-based business Macalister Constructions, following the initial creditors’ meeting in Melbourne, conducted by administrators SVPartners.
The meeting was told Macalister Constructions owed an eight-page list of creditors more than $12 million.
The firm owes the National Australia Bank and the Australian Taxation Office $5.1 million and $800,000 respectively, while the other creditors are mostly local and Victorian based suppliers and traders.
With such significant debts to secured creditors, it is unlikely the close to 350 unsecured creditors will receive a significant portion of what they are owed.
At the initial creditors’ meeting a committee of five, mostly Sale-based, creditors was appointed.
The committee will consult with SVPartners and receive reports relevant to the administrator’s review of Macalister’s affairs, including whether there is any “stock on hand”.
It is understood up to 50 creditors were represented at the meeting, including Macalister Constructions director Cal Board, who is also listed as a creditor.
Macalister Constructions failed when it could not deliver on its contracts with the Federal Government’s Building the Education Revolution scheme.
A group of creditors have claimed the number of companies and individuals owed money is longer than the official list suggests.
Industry sources have also indicated there were “plenty” of other businesses and individuals not yet formally identified as creditors, including people who had paid Macalister for homes to be built which remain unfinished.
It is expected the committee will disclose more information to creditors by the next scheduled meeting on February 18.
Repeated phone calls to SVPartners by the Gippsland Times have not been answered.