Due to the collapse of a building company that had projects in both the ACT and NSW, around 130 jobs were lost, and around 80 of its employees were affected by the domino effect.
Cubitt’s had been in business for over 30 years.
According to a report by News Corp., the company was placed into administration in early this year owing around $5 million.
Its creditors voted to liquidate the company at a meeting last week. Around 77 workers were owed money by the company.
Richard Stone and Brett Lord, both of RSM Australia, were appointed as the liquidators of the company.
According to Mr Stone, the failure of one business can have a significant impact on multiple people, including employees, clients, and suppliers.
The collapse of Cubitt’s has left over a hundred projects in limbo.
They managed to come up with a few ideas for the creditors, and a construction firm from NSW was able to purchase some of the company’s assets.
The purchase price for some of the company’s intellectual property and customer list was reportedly undisclosed.
According to an earlier report by insolvency experts, the assets of Cubitt’s were worth around $1.67 million.
