The Cubic Interiors Group was an Australian privately held commercial building firm. The Group was known for successfully delivering high-quality projects in the commercial and retail sectors, including well-known designs and buildings that have become landmarks all around Australia. Its Project Portfolio features premium workplaces, financial enterprises, legal institutions, world-class stadiums, top colleges, hospitality, healthcare, and government sectors, amongst other types of organisations and sectors.
Background
The Group fell into financial distress primarily as a result of the Campbelltown Hospital project where it had underquoted on the cost to deliver and was impacted by the recognition and classification of certain contractors within that project. In addition, there were also steps taken to maintain employee numbers during the downturn and combined with the losses to the Campbelltown Hospital project the Group could not recover sufficient funds to survive.
The directors determined that they had no choice but to place the company into liquidation.
How did we assist
We were appointed as liquidators of six entities within the Group and were tasked with winding down the business, working with the unions and builders to pay out entitlements, and conducting investigations into the reasons for the failure of the Group. We sort to protect the builder’s priority by reaching an agreement under the Corporations Act so if there was any recovery from the liquidation they would be considered priority creditors.
Our investigations have focussed on preference payments, other voidable transactions and insolvent trading.
Outcome
The entities were wound up and investigations were undertaken to recover monies through voidable transactions and asset recoveries.
