Major Australian construction company teeters on the brink of collapse – with a debt exceeding $22million

A company formerly owned by a major construction firm reportedly owes $22 million to the IRS.

The company, formerly known as Maxcon Developments Pty Ltd but now called ACN 152 259 839 Pty Ltd, is said to still have unpaid taxes dating back to 2014.

The deputy tax commissioner has taken the company to the federal court. He is calling for the company to be liquidated.

Maxcon Developments was a company within Maxon Constructions, which has disputed the allegations, news.com.au reported.

“Maxcon Constructions Pty Ltd and its director deny any allegations of wrongdoing or any outstanding tax and will defend the allegations to the full extent of the law. They are unable to comment further as the matter is currently before the courts,” the spokesperson told the publication.

Maxcon Developments had been operating since 2011, but was deregistered by ASIC in June.

Maxcon Constructions is based in Melbourne and has completed more than two dozen commercial projects in the city, including hotels and apartment complexes.

There’s more to come