The debts of a collapsed building company have exploded, with its debt spiralling to $5 million more than original estimates. Project Coordination (Australia) Pty Ltd went into administration, letting go the majority of its staff and plunging its $120 million worth of projects across NSW and the ACT into jeopardy.
The appointed administrators, Jonathon Colbran, Frank Lo Pilato and Brett Lord of insolvency firm RSM Australia, previously said that preliminary investigations showed that the company owed around $20 million to more than 200 creditors. This week, they revealed they had received formal creditor claims which totalled more than $25 million. The administrators also said they had identified two more building sites impacted by Project Coordination’s demise, bringing the total to 16 large projects left in limbo
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