Subbies stung in latest building company failure
A CONSTRUCTION company once owned by disgraced developer Craig Gore, once ranked in Australia's top 50, and is now ultimately owned by a billionaire British lord has gone into administration.
Administrators Andrew Barnden and Brent Morgan of Rodgers Reidy were appointed to seven companies related to QNV Constructions this morning.
QNV Constructions' Queensland building licence was suspended by the QBCC in January, with its NSW licence pulled a month later, after it made an early exit from the lease of its former headquarters at Siganto Dr, Helensvale.
However QNV has retained its Victorian Building Authority licence, which remains valid until 2020, despite multiple complaints from subcontractors and consumers in that state.
The Bulletin has contacted the VBA for a response.
The Queensland building regulator said QNV had failed to pay subbies and suppliers at least $174,000 and had failed to comply with a financial audit.
The Bulletin has contacted the administrators to obtain an estimate of the debts owed by the company nationwide.
QNV was listed at No. 47 in a list of Australia's top 100 builders by the Housing Industry of Australia last year.
Company records show QNV's general manager Mark Bywater ceased his directorship of the company on February 1 this year, leaving its CEO, Chris Eaton, as sole director.
A phone number for Mr Eaton, held by subbies and customers of QNV, has been disconnected.
All shares in QNV Constructions are owned by QNV Holdings, which in turn is owned by Mayfair Limited, a company based in the Caribbean tax haven of Belize in Central America.
Mayfair is controlled by billionaire British lord Michael Ashcroft, a conservative former politician with joint citizenship of Belize who has also been a major donor of the Liberal National Party in Australia.