Two months after Stevens Construction went into voluntary administration, the company has officially gone out of business.
It had a portfolio worth over $400 million, and it mainly developed affordable housing and luxury apartments.
The creditors of Stevens Construction were given a deadline of August 5 to submit their claims or debts. The company was founded in 2006.
The company had 40 staff members. Its website stated that its portfolio included several luxury apartment buildings and shopping centers.
It was one of the construction businesses that collapsed due to the pandemic.
Other companies that have gone out of business are also affected by the lack of skilled workers and the high cost of materials.
In May, the company noted that the various factors that affected its operations caused it to collapse.
According to the statement posted on its website, the construction industry had been experiencing unprecedented challenges due to the outbreak of the COVID-19 pandemic.
These include the lack of skilled workers and the high cost of materials.