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A South Australian construction company has collapsed owing more than $4.5 million and leaving more than 200 projects incomplete.
Qattro Built Pty Ltd entered liquidation on Tuesday after being in operation for 15 years in South Australia.
Chris Powell and Nick Gyss from Duncan Powell have been appointed liquidators.
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The liquidators said the company owes unsecured creditors more than $4.5 million.
Twenty five people are currently employed by the business.
The company has collapsed with over 200 construction projects worth over $110 million which are incomplete or haven't been started yet.
Some of these projects include the Cedar Woods Fletcher Slip Development, part of the Dock 1 Development and smaller developments including projects in Underdale, Torrens Park and Lighstview.
"Qattro Built has faced increasingly challenging operating conditions that have affected the entire industry and we have significant experience in supporting construction businesses in similar circumstances," liquidator Powell said.
"We will work closely with the management team and the various developers and owners to mitigate ongoing losses and exposures for all stakeholders and facilitate the orderly transition and completion of the projects."
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Director Bradley Jansen said the business is placed in liquidation with a focus on completing the outstanding builds.
"I am devastated to make this decision after three exceedingly difficult years of efforts trying to recover the post-COVID financial sustainability of the company," Jansen said.
"I know the closure of the business will have a significant impact on its many long-term employees, clients, contractors and various local sporting clubs and charities that Qattro has strongly supported over the last 15 years… for this I apologise."
Jansen said after COVID-19 he has downsized operations and offices but has now exhausted all options for staying afloat.
He added the new projects the business secured were profitable but existing projects with fixed-price contracts weighed heavy on the business's bottom line.
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Jansen said he's tried to protect staff and suppliers and has put all his personal assets into the business to try and absorb the $7.5 million in cost increases but to no avail.
"The reality is ongoing supply-chain and labour shortages mean that there is too much cash stuck on near-completed projects to meet the immediate obligations of the company," he said.
"I am proud that Qattro has operated as a trusted, well-respected, and professional business for over 15 years, and the difficult decision to enter liquidation has been made to minimise further forecasted financial losses and the subsequent impact to staff, suppliers, contractors, and clients."
