A sydney boutique builder has gone into liquidation owing creditors hundreds of thousands of dollars.

Built Lifestyles was a custom residential building and design company that operated for more than 15 years in Sydney.

The company went into voluntary liquidation on Monday and had it’s contractor license cancelled the following day.

Mohammad Najjar from Vanguard insolvency was appointed liquidator estimating the company owed more than $300,000.

He told The Daily Telegraph the company ceased trading and did not have any construction work.

Mr Najjar said the company ceased trading and did not have any ongoing construction work.

Australian Securities and Investments Commission data shows more than 3500 construction companies entered insolvency for the first time in the last financial year.

Covid, rising costs, red tape and labour shortages have been blamed for the high number insolvencies in the construction industry which has continued to worsen in recent years.

Housing Industry Association spokesman Greg Weller told The Daily…