A building company that straddled two different states and territories has collapsed, leading to a “domino effect” impacting 130 projects and 80 staff members.
On Friday, creditors voted to place Cubitt’s Granny Flats and Home Extensions into liquidation.
The builder worked in both NSW and the ACT and been in business for 30 years.
News.com.au previously reported that the family-owned business had been placed into administration earlier this year and had debts of $5.7 million.
Of its substantial debts, $2.6 million of that is owed to 77 tradies.
At an administration meeting at the end of last week, creditors voted to liquidate Cubitt’s.
The appointed administrators Richard Stone and Brett Lord of insolvency firm RSM Australia have now become the liquidators.
“The failure of one business has a domino effect on so many people, from staff, to clients, suppliers and other stakeholders,” Mr Stone said. “Today, these impacts are being compounded by a fragile economy and businesses and households who are doing it tough.”
The collapse has left 130 projects at various stages of completion in limbo and 80 staff members have lost their jobs.
The liquidators have managed to scrape together what they hope might be some kind of…