The Administrators Report into the affairs and status of Southern Cross Constructions (NSW) Pty Ltd leaves a lot of questions unanswered.

Read it for yourself here.

As usual in these situations the big question is where has all the money gone ?

It beggars belief that so many ‘smart’ men can run a business turning over large sums of money, that they can convince so many clients to award them so many large projects, but they cant tell the creditors where the money that the creditor worked hard for has gone !!

Who and when will start looking after the subbies that grind out the results for builders that leave them high and dry time after time ?

Have a look at the “Related Party” loans set out in the table below. What does it tell you ?

 

Have a look at the personal guarantees set out in the table below. What does it tell you ?

 

Have a look at some of Lewis Yasbek’s interests set out in the table below. What does it tell you ?

 

Have a look at some of Andrew Box’s interests set out in the table below. What does it tell you ?

 

 

RECOUP are Security Of Payments Act Experts & Debt Recovery and Debt Collection Specialists for Building and Construction Contractors.

RECOUP aims to keep all stakeholders in each state up to date with changes and developments in each state’s legislation that impact claiming payments for building and construction work.

RECOUP provides information and assistance regarding the following legislation:

New South Wales: “Building and Construction Industry Security of Payment Act 1999″
Victoria: “Building and Construction Industry Security of Payment Act 2002″
Queensland: “Building and Construction Industry Payments Act 2004″
Australian Capital Territory: “Building and Construction Industry (Security of Payment) Act 2009″
South Australia: “Building and Construction Industry Security of Payment Act 2009″
Tasmania: “Building and Construction Industry Security of Payment Act 2009 (No.86 of 2009)”