Developer $30m in red after collapse
The first creditors' report issued by administrators BRI Ferrier also appears to contradict sworn claims by the group that all legal entitlements had been paid to employees and subcontractors on its major NSW projects before the collapse.
The family-owned company, which had seven offices and 180 staff in NSW, Queensland and Western Australia, was placed into administration in early April after a failed bid to restructure and recapitalise the NSW-based firm, according to a statement posted on its website.
ANZ Bank is owed up to $9 million as the sole secured creditor, ASIC documents show. Employees are due about $3 million, while at least $18 million is being claimed by dozens of unsecured creditors involved in National Buildplan's portfolio of construction projects.
Martin Green of BRI Ferrier has warned creditors that the company's books and records are "incomplete" but unsecured creditors were "unlikely" to receive full payment of their debts.
About $1 million is being held by the administrators but it is still unclear what assets National Buildplan held at the time of the collapse.
National Buildplan director William Wheeler declined to address the creditors' meeting on April 18. But a presentation by BRI Ferrier noted the "poor performance" of six projects resulted in the company being unprofitable.
It had 33 projects under way or due to start construction when administrators were called in, and contracts for incomplete projects have been "terminated". They include a $65 million expansion of Port Macquarie Base Hospital and redevelopment of Dubbo hospital.
Just days before the collapse, NSW Minister for Mental Health Kevin Humphries said National Buildplan had provided a statutory declaration stating all employees and subcontractors had received their full legal entitlements on the Dubbo Base Hospital and Sub-Acute Mental Health Unit projects.
A number of contractors dispute claims by the company. "We worked on the [mental health unit] project and as of today are still owed over $9000. Accounts outstanding go back as far as December," said Deborah Morton of Touch Up Painting Services.
The issue of the statutory declarations and whether the company was trading while insolvent would be investigated by the administrators, BRI Ferrier told creditors.
A spokeswoman for Health Infrastructure said there was no evidence the declarations were false at the time they were accepted.
"Penalties for intentionally making a false statutory declaration include substantial fines or imprisonment," she said.
cvedelago@theage.com.au
Twitter: @chrisvedelago
Frequently Asked Questions about this Article…
National Buildplan Group was placed into administration in early April after a failed attempt to restructure and recapitalise the NSW-based developer. Administrators BRI Ferrier say the family-owned construction company collapsed owing more than $30 million to lenders, employees, tradies and suppliers.
ASIC documents and the administrators' report show the group owed more than $30 million in total. ANZ Bank is named as the sole secured creditor and is owed up to $9 million, employees are owed about $3 million, and dozens of unsecured creditors have lodged claims totalling at least $18 million.
Administrators BRI Ferrier issued the first creditors' report, warning that National Buildplan's books and records are 'incomplete.' They said unsecured creditors are 'unlikely' to receive full payment and noted the poor performance of six projects left the company unprofitable.
National Buildplan provided a statutory declaration saying all employees and subcontractors had been paid on the Dubbo Base Hospital and Sub-Acute Mental Health Unit projects. However, the administrators' report appears to contradict that claim and some contractors have disputed that they were paid — Health Infrastructure said there was no evidence the declarations were false when accepted.
At the time administrators were called in, National Buildplan had 33 projects underway or due to start. Contracts for incomplete projects have been terminated, including a $65 million expansion of Port Macquarie Base Hospital and the redevelopment of Dubbo hospital.
BRI Ferrier are holding about $1 million, but administrators said it remains unclear what assets National Buildplan held at the time of the collapse.
National Buildplan director William Wheeler declined to address the creditors' meeting on April 18, according to the administrators' report.
Yes. BRI Ferrier told creditors they would investigate the issue of the statutory declarations and whether the company was trading while insolvent. A Health Infrastructure spokeswoman noted penalties for intentionally making a false statutory declaration can include substantial fines or imprisonment.
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