Another Queensland builder collapses

Firm in liquidation as construction sector continues to weather a perfect storm of rising costs and labour shortages

Another Queensland builder collapses

Yet another Queensland building firm has collapsed, the latest in a series of construction companies that have failed as rising costs and supply chain issues have ravaged their profits.

Liquidators have been appointed to Lanskey Constructions Qld Pty Ltd, part of the Brisbane-based building giant with operations across Australia and New Zealand.

Ben Campbell and John Park of FTI Consulting were appointed to wind up the company, according to The Australian. The liquidators said the collapse did not impact the other entities in the wider Lanskey Construction Group.

“The liquidators will seek to manage the affairs of the company in a manner which maximises the outcome for its creditors,” FTI said in a statement. “There are currently no staff directly employed by the company. Creditors of Lanskey Construction Qld will be updated in due course.”

Lanskey was founded in 1986 by Paul Lanskey and Ross WIlliams. It is involved in large commercial projects across Australia and has offices in Brisbane, Sydney, Melbourne, Perth and Auckland.

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Lanskey Construction Qld held a category 5 licence from the Queensland Building and Construction Commission, with allowable annual turnover of $120 million, The Australian reported. Last week, that licence was suspended for failure to meet minimum financial requirements.

In the past 12 months, the construction sector has been battered by a perfect storm of labour shortages and skyrocketing materials costs. Several major firms have collapsed, including Probuild, Condev, Privium Homes, Pivotal Homes, and Oracle.

In addition to his construction business, Paul Lanskey is a horse breeder, The Australian reported. He is part owner of Vow and Declare, 2019’s Melbourne Cup winner.