Probuild collapses into administration, 750 jobs in limbo
At least 750 Probuild employees and numerous tradies and contractors across Australia are facing an uncertain future after multiple businesses connected with the construction firm collapsed into voluntary administration.
Global consulting firm Deloitte confirmed its restructuring partners have taken control of eighteen companies linked to Probuild’s parent company WBHO Australia Group.
The Australian arm of WBHO is controlled by South African-based Wilson Bayly Holmes-Ovcon Limited, which has withdrawn its financial support for the Australian business.
Probuild has at least 18 projects under construction across the country worth about $5 billion. The bulk of them are in Victoria.
Tradies packed up tools on many of the firm’s sites on Wednesday amid concerns it was facing collapse.
“We will assess options to preserve value, and engage closely with creditor groups and other stakeholders across the spectrum, including clients, employees, unions, suppliers, contractors and sub-contractors,” Deloitte said.
Probuild’s projects in Melbourne include the 430-apartment Caulfield Village, the future 18-storey headquarters of biotech giant CSL in North Melbourne, the 65-level residential tower UNO Melbourne and a 29-level Victoria University campus in the CBD.
The builder is also constructing Greenland Centre, Sydney’s tallest residential building, and Cbus’ apartment tower in Brisbane.
Eight Probuild named companies registered in all of Australia’s mainland states are on Deloitte’s list. Other companies facing uncertainty include Contexx, Prodev Murphy, Monaco Hickey, Northcoast Holdings and Carr Civil Contracting.
Administrators appointed to collapse companies must hold a first meeting of creditors within eight days of their appointment.
