Unsecured creditors protest as Steve Nolan Constructions fails owing $30 million

Steve Nolan Constructions went into liquidation yesterday. As reported this morning on 2GB’s The Ray Hadley Morning Show and by The Daily Telegraph unsecured creditors of Steve Nolan Constructions are going to be left out of pocket to the tune of approximately $30 million.

Members of the Construction Forestry Mining and Energy Union NSW (CFMEU) along with builders, contractors and suppliers involved on the project were protesting today at the St Leonards site to convey their outrage at the impact this will have on their businesses and employees.  A collapse of any business always has a knock on effect down the line and some of the unsecured creditors could find themselves in a real financial struggle due to the invoices that will be left unpaid.

Another casualty of this collapse will be 

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You don’t want to be an unsecured creditor, but what’s the alternative?

Yet another business went into administration last week despite turning over $14 million. Hallam Manufacturing is just the most recent in a long line of manufacturing businesses to collapse and even a successful trading history of 41 years wasn’t able to help it.

This will no doubt be a horrible time for Hallam Manufacturing, their staff and families. But what about the flow on effect that this will have on the businesses who are unsecured creditors who will miss out on a collective $1.9 million due to these events? It’s likely that this could have crippling effect on

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All dressed up…and coming out to see you

We know that filling in forms and getting used to anything new can be a bit tricky at first.   We want to make it as easy for you to use CheckVault and CheckTender as we possibly can.    That’s why we have introduced our Concierge Service  – we will come to you.   So we have dressed up our first ute and it’s on the road.   Keep an eye out for the CheckVault ute out and about in your area.  Isn’t it sexy?!

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We are hitting the road….

We are out and about hitting the road to get your news and views on what’s going on in the construction industry.  The perfect place to start is with the Master Builders Association (MBA) NSW Trade Shows around Sydney.

Our first stop was last Wednesday at the MBA Trade Show in Roseville, held at the Roseville Golf club.  We got to meet a few of our our members face to face which was great and of course a few others found out about how they can protect their business’ and cash flow by getting their payments secured in advance using CheckVault.   To celebrate our first Trade Show appearance we upped the ante by giving away a lucky door prize of an iPad mini.

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I was talking to a friend…

I was talking to a friend the other night who mentioned that his previous boss, a residential builder, had stopped a job because he hadn’t been paid a few of his last invoices on one job.  He still managed to pay out his subbies and employees but had to write off close to $350,000 out of his own back pocket because of a client who asked for work to be done, agreed for the work to be done, had a contract for the work to be done, had the work done, then ……. couldn’t pay.

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Tradies Dig Deep

A couple of weeks on from our national celebration of ANZAC Day and we’ve just received some great news from one of our active service men.

The day before ANZAC Day, the Australian Defence Force had some of their uniformed military personnel raising money to provide much needed services for our returning veterans.   They were selling badges all over the Sydney CBD and in many other locations across Australia too.  Commuters across Sydney contributed $47,000 through the badge drive on this morning alone which will go a long way to helping veterans upon their return back to their homes.

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