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 The Ralan Group, the developer who had engaged Steve Nolan Constructions on several North Shore projects when they went into administration. The Ralan Group will be left to deal with the fallout and contractors who have downed tools. The Ralan Group will be forced to re-negotiate contracts and it will cost them “millions more to finish these building” according to William O’Dwyer, Managing Director of The Ralan Group.
“The Ralan Group has paid every single dollar on every single invoice presented by Steve Nolan Constructions. Our banks can confirm all that. We feel very sad for all of the unpaid creditors at Steve Nolan Constructions but we can’t be expected to pay twice for work that we’ve already paid for” he says.
The CheckVault team are pleased to know that our clients, who have their contract payments secured in advance through CheckVault, will not be impacted by this crash or any others that are sure to follow in the industry.
Contact us on 1800 CVAULT or via the CheckVault website so your business can avoid becoming an unsecured creditor.