Probuild is now in a huge financial crisis as it hasn’t paid its workers for a very long time. This Wednesday morning, construction workers were told to leave the site and take their tools as administrators made their way to the building.
Probuild is in a financial crisis
Their current project has been put on hold for at least two years and they have since lost out of a lot of money. One worker has expressed that he is owed more than $250 000 dollars and expects the other contractors’ amounts to be much higher.
In a bid to save the company, administrators have been called in for Probuild.
As reported by the Daily Mail, Probuild currently has 520 workers with thousands of apartments that are still under construction. They currently operate in NSW, Victoria, Western Australia, and Queensland.
No money to pay subcontractors
Construction workers were seen packing up and leaving the site. They were told to leave the premises as a result of the huge financial crisis. The site will be closed by 5 pm on Wednesday afternoon as Probuild currently hopes to save the project.
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According to 9News, the company is believed to be in a financial crisis due to long delays in the building of the project. This is also a result of not being able to pay its subcontractors. One of the workers relayed that they may not ever get paid.
The company is expected to make an announcement about its future on Thursday. This is a developing story.
