A glazing company that worked on Probuild’s troubled 443 Queen St project has gone under owing $3.25m and putting more than 130 people out of work.
Anthony Connelly, Jamie Harris and Mark Holland of McGrathNicol were appointed liquidators of Narangba-based Hitec Glazing on March 3 after the 14-year-old firm was hit by the collapse of Probuild the week earlier.
Hitech had provided windows to the Queen St project as well as working on a range of other major high-rise developments around the country.
Read Next McGrathNicol’s Connelly says Hitec has ceased operations and the liquidators are currently assessing the most appropriate way to preserve value for stakeholders.Expressions of interest are sought for all or any part of Hitec’s business or assets and are requested by 4pm on March 16.
Connelly says the liquidators will investigate the cause of the company’s failure and while it was too early to speculate, he noted Hitec was a subcontractor to the Probuild Group on the 443 Queen St site.
Workers leaving the 443 Queen St site on February 24.Picture: NCA NewsWire / Dan Peled “The liquidators estimate that Hitec has approximately $3.25 million owed to trade creditors, however this value may change as claims are received,” Connelly says.“There may also be claims associated with the early termination of contracts.”
READ MORE: Workers back on Probuild sites | NSW buyer emerges for Probuild in Victoria | Probuild owners’ swift exit after promising to stay the course | Hitec employed approximately 137 personnel at the time the McGrathNicol were appointed.
Probuild’s administrator Deloitte has been able to restart work on some of the company’s projects in Melbourne but the 443 Queen St highrise is still idle as developer CBUS Property moves to find new builders.The project, which is already two years behind schedule, has been blighted by cost overruns and delays.
Hitec, established in 2008, manufactured windows and door systems for commercial and industrial buildings.Past projects had included the Mali Residences in Broadbeach, the ABB headquarters in Fortitude Valley, 757 Ann St and Broadway on Ann.
The company’s directors Kevin and Derryn Wright had more than 60 years combined experience in the window and door industry.They were unavailable for comment.
According to Queensland Building and Construction Commission records, Hitec held a category five licence meaning it could carry out work worth up to $120m each year.
Business risk firm Alares says there had been mounting warnings that Probuild was in trouble in the years preceding its collapse.
The number of court actions had escalated from five in 2019 to 11 last year, including a money owed claimed by a major business lender.
Alares says the Probuild collapse marked one of the largest insolvency appointments of recent times and was like to cause significant flow-on effects throughout the building industry.
Probuild’s 443 Queens Street project in Brisbane.FLOOD SUPPORT
Kudos to the businesses – big and small – that are providing support to those impacted by the recent devastating floods.
Crypto currency platform Swyftx has donated $100,000 to the Red Cross Flood Appeal supporting flood victims in Queensland and NSW.
The cause hit close to home for Queensland’s biggest crypto company, founded by Alex Harper and Angus Goldman, with their Milton office still shutdown following flooding last week and unlikely to open again until the end of this month.
Swyftx also incentivised their staff to join the Mud Army, allowing their rapidly growing work force to take paid leave to be part of the clean-up crew.
Toowoomba-based Heritage Bank meanwhile has announced a $100,000 donation to assist flood victims.
Heritage Bank chief executive Peter Lock says the widespread impact of the flood events made it more important than ever for the community to come together.
“We’ve all seen the devastation caused by the recent flood events,” Lock says.Heritage has also announced it will accept donations from its members to support the flood response, both in-branch and online.
The BHP Foundation has kicked in $2m to the Australian Red Cross Qld and NSW Floods Appeal to support emergency relief and recovery efforts in flood-affected areas.
Swyftx founders Angus Goldman and Alex Harper.Glen Norris Senior Business Reporter Follow Glen Brisbane Glen Norris has worked in London, Hong Kong and Tokyo with stints on The Asian Wall Street Journal, Bloomberg and South China Morning Post.Because you’re following Glen Norris, we think you might like more stories from this author.
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