Latest news with #WilliamBuck
Daily Mail
2 days ago
- Business
- Daily Mail
Aussie home builder collapses after being swamped with more than $12million worth of customer claims over alleged building defects
A Sydney construction firm has gone into voluntary administration following mounting pressure arising from $12.9million in building defect claims. Family-run J & CG Constructions has been in operation since 1994 and built apartment complexes, offices and commercial spaces until the company was placed into administration in May. According to documents filed with ASIC, Sean Wengel and Rashnyl Prasad of William Buck have been appointed as joint administrators. The ASIC filing follows legal action in both the NSW Supreme Court and the NSW Civil and Administrative Tribunal (NCAT). In total $14.9million is owed to creditors, with the vast majority tied to construction defect claims. Company director Mark Guerreiro said the business was unable to survive the financial burden, the administrators wrote in their report. 'The director considered that the scale of the claims, along with the legal costs expected to defend them, exceeded the company's financial capacity and rendered the business no longer viable,' the report stated. The largest claim stems from the Rising Apartments development on Botany Road in Mascot, a 44-unit complex completed in 2017. Owners at the Mascot building allege defects collectively worth $11.9 million, with an independent 2019 inspection uncovering 'potentially major defects related to the rooftop waterproofing' along with several minor issues. That matter remains before the NSW Supreme Court. A second legal action was launched in December by owners of a 15-apartment and two-commercial-lot property on Norton Street in Leichardt, who are seeking $606,820 in compensation for alleged construction faults identified in 2023. Administrators say more defect claims are under review, and the final total could increase as complex matters are resolved. J & CG Constructions had stopped taking on new projects in the 2024–2025 financial year, choosing instead to focus on existing contracts and warranty-related claims. Despite these efforts, the business saw its income plummet, from $15.4 million in FY2023 to just $581,000 in FY2025. It also faced a string of financial setbacks, including a $550,000 hit from SafeWork fines and legal costs, and an additional $250,000 loss from invoice fraud. In FY2025 alone, the company recorded a $704,000 loss, following a $1.9 million loss the year prior. Administrators noted that the company's continued operations had been propped up by Mr Guerreiro personally funding its working capital. 'The company remained able to trade and meet obligations prior to this period only because the director personally funded working capital needs,' the report said. However, the looming $11.9million claim from the Mascot development 'would place the company into an insolvent position he could no longer support,' the report concluded. Mr Guerreiro was also listed as a director of related entities J & CG Con, J & CG Group, and J & CG Fitouts. Administrator are pursuing a deed of company arrangement rather than liquidation which would see Mr Guerreiro put in $100,000 of his own money and creditors would receive 0,68 cents to the dollar.
News.com.au
14-05-2025
- Business
- News.com.au
Labour market remains ‘very tight' while employment growth eases
William Buck Chief Economist Besa Deda says the labour market has remained 'very tight' with early signs suggesting eased employment growth. 'The labour market has remained very tight, in fact, if we think about the last eight to nine months, the unemployment rate has kept between 3.9 and 4.1 per cent,' Ms Deda told Sky News host Ross Greenwood. 'It's barely budged from that trough over the last two years. 'On most indications, it's suggesting that it will continue to be tight, although there are some early signs that potentially employment growth is easing.'
National Business Review
01-05-2025
- Business
- National Business Review
William Buck appoints new partner
Accounting firm William Buck continues to grow, appointing Jigs Bellosillo as partner. William Buck managing partner Darren Wright said Bellosillo's experience would allow the firm to continue to meet the growing demand. "Her deep understanding of audit practices, coupled with her extensive experience at leading firms, will be invaluable as we continue to grow and enhance our service offerings,' Wright said. "Jigs' appointment reflects our ongoing commitment to attracting top talent and providing our clients with the highest quality of expertise.' Prior to joining William Buck, Bellosillo worked at PwC for roughly 18 years in the Philippines and New Zealand and rose to become an executive director at the firm. Bellosillo – who will be based in Auckland – said she was drawn to William Buck's "client-centric approach" and its commitment to fostering a collaborative and supportive environment. "I look forward to working with the talented team here and leveraging my experience to deliver exceptional audit services to our clients," she said. Her appointment is effective immediately. In NBR's series The Accountants, William Buck New Zealand reported revenue of between $18 million and $19m for the 12 months through to the end of December, and 10% annual growth. For the same period, William Buck reported 15 partners located in Auckland and Tauranga. Within that total, the firm had five female partners located in Auckland. This is supplied content and not commissioned or paid for by NBR.
