A premier Gold Coast residential and commercial builder has collapsed into liquidation owing more than half-a-million dollars to almost two dozen creditors.

Director Nicholas Flint put his Miami-based CGS Constructions (Qld) Pty Ltd was put into liquidation on October 30.

The company owes $516,748 to 21 creditors, including six related companies, according to a financial report authored by Mr Flint.

Marsden Projects is the largest creditor, owed $180,000, while the Australian Taxation Office is out-of-pocket $74,646.

Other unsecured creditors include Bjays Plumbing, owed $26,124; M.C Industries, owed $50,152; and Mills Oakley, owed $60,689.

 

Gold Coast builder CGS Constructions was tipped into liquidation on October 30.
Gold Coast builder CGS Constructions was tipped into liquidation on October 30.

 

The six related companies, including what appears to be CGS Constructions' New South Wales branch, are owed a combined $6.

Mr Flint could not be reached for comment.

According to his financial report CGS Constructions (Qld) holds just $5000 in the bank and is owed $22,859 from debtors.

The liquidation is expected to result in a $488,890 deficiency.

According to a 2017 prospectus CGS completed three luxury Gold Coast apartment complexes and a townhouse development at Collingwood Park near Ipswich.

It said the group "has demonstrated experience in defining, delivering and handing-over commercially successful development projects throughout the East Coast of Australia in the areas of residential, commercial and child care".

CGS Constructions (Qld) was voluntarily handed to McLeod & Partners liquidators Jonathan McLeod and Bill Karageozis on October 30.

 

Originally published as $516K OWING: Luxury builder collapses


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