Construction company Wake Concepts lands in South Australia
- Construction company bankrupt
- Wake Concepts went bankrupt
South Australian construction company Wake Concepts has gone bankrupt, leaving a slew of unfinished projects and around 100 workers without jobs.
On Wednesday the company announced it would be ‘liquidated’ and Anthony Phillips of Heard Phillips Lieberenz was appointed as liquidator.
A statement from Mr Phillips said his priority would be to ensure Wake Concepts employees are paid before investigating what led to the company’s collapse.
“The liquidator’s most pressing role is to help workers get paid, and initially that will be by facilitating claims in the government’s Fair Entitlements Guarantee Scheme and the Construction Industry Scheme,” he said.
‘In the longer term, the focus will be on realizing the company’s projects as much as possible and investigating the root cause of the company’s failure.’
South Australian construction company Wake Concepts has gone bankrupt, leaving a slew of unfinished projects and around 100 workers without jobs
South Australian construction company Wake Concepts has gone bankrupt, leaving a slew of unfinished projects and around 100 workers without jobs
Wake Concepts is involved in the Construction of Walker Corporation’s $1 billion One Festival Tower, expected to be completed in 2023.
Founded in 1982, Wake Concepts has been involved in major infrastructure and construction projects in South Australia, including work on the Oval Hotel, Sofitel’s Luminesque Apartments and Ashford Hospital.
Earlier this month, major Adelaide housebuilder Qattro also collapsed, throwing about 200 housing projects into doubt.
According to trustees at Duncan Powell, the company owed more than $4.5 million to unsecured creditors, while more than 200 projects were under construction or in the pre-construction phase.