A building company has collapsed, laying off 80 staff and leaving 130 projects on pause.
Creditors voted to place Cubitt’s Granny Flats and Home Extensions into liquidation on Friday.
The company, which had been operating for 30 years in NSW and the ACT, went into voluntary administration earlier this year and had debts of $5.7 million.
It is believed that $2.6 million of that is owed to 77 tradies.
Creditors voted to liquidate Cubitt’s at a meeting last week due to the tough economic climate.
Richard Stone and Brett Lord of insolvency firm RSM Australia have been appointed as liquidators.
‘The failure of one business has a domino effect on so many people, from staff, to clients, suppliers and other stakeholders,’ Mr Stone told news.com.au.
‘Today, these impacts are being compounded by a fragile economy and businesses and households who are doing it tough.’
More to come.
***
Read more at DailyMail.co.uk