Baseline Constructions, another NSW builder, has gone into voluntary administration.
The company was founded in 1993 by civil engineer Nicholas Bettar from small Bankstown/Canterbury foundations. In peak construction years it has had $65 million-plus revenues, according to statement of financial position obtained by Property Observer.
(Source: Bankstown Canterbury Torch)
Its general manager is his brother Paul Bettar.
Andrew Cummins and Brian Silvia from BRI Ferrier will hold the first creditors meeting tomorrow, July 11.
Northern Rivers traders are owed hundreds of thousands of dollars for works undertaken on the $22 million renovation of Ballina Central shopping centre.
The Northern Star reports the Sydney-based company Baseline Constructions contracted the tradespeople by letter to advise of the receivership last week.
They were renovating the Ballina building, which is owned by Melbourne-based Harbig Holdings.
“Unfortunately we are one of the contractors in Sydney that received one of these letters,” one contractor posted by email on the Star’s website.
“We found it hard enough to receive payments from Baseline last year for two separate projects completed early in late 2010 and then early 2011 – the only alternative was to sit and wait in their offices for a cheque to be cut.
“After chasing retention for the past 6 months and many emails going out to project managers and the accounts department at Baseline we find this letter sent to us when I only had contact with the company just two weeks ago confirming our payment was forth coming,” the contractor said.
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ASIC documents indicate Ferrier was approached by Baseline in late April with a scoping meeting to discuss a possible insolvency appointment.
Ferrier then met with the major secured creditor.
NAB and St George were Baseline’s bankers. St George have held a first mortgage over a Chiswick residential family property.
Baseline Constructions moved into three levels of the Gloucester Street, The Rocks, building Science House last year.
Its projects through the years included the Clarence House, Belmore function centre, Campbelltown Plaza, FSU refurbishment, Blackfrairs offices, Chippendale, the Hotsprings, Minchinbery project and Belmore meat processing works.
Baseline Constructions specialised in the use of precast concrete, which allowed the design and construction to be delivered in efficient time.
This article first appeared on Property Observer.