Collapses “flying through a million miles an hour” as plumbing business with $4 million turnover folds

Administrators have been appointed to Liquid Vision Plumbing and the Melbourne plumbing business has stopped trading.

Richard Cauchi of SV Partners was appointed as administrator last week to the business, which had around 10-20 employees.

Liquid Vision had worked on several large-scale projects throughout Australia, including 67 apartments in the Little Hero complex in Melbourne’s Russell Place and 200 apartments and retailers in The Nicholson development in East Coburg.

Cauchi told SmartCompany it was unclear at this stage what had caused Liquid Vision to collapse, but says he is currently working on a lot of administrations.

“They are flying through a million miles an hour at the moment, the economy is not all that you should believe it to be,” he says.

“The economy is not performing right across the industry base, niche businesses are going alright but generally the economy is at a stagnant time.”

Cauchi says Liquid Vision had a turnover last year of around $4 million and it is still unclear how much is owing to creditors, which include one of Liquid Vision’s directors and quite a few suppliers.

A first meeting of creditors will be held on June 14, but Cauchi says more information will be available at the second creditors’ meeting.

“The second meeting of creditors will be the critical one whereby the report is provided to creditors and the company’s future,” he says.

 

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