Uncompleted construction site on Ison Street in the Brisbane suburb of Morningside.
Uncompleted construction site on Ison Street in the Brisbane suburb of Morningside.

Brisbane builder goes bust with workers owed $2.5m

NEWSTEAD-BASED CKP Constructions has collapsed owing creditors more than $3 million and leaving at least four projects around the city uncompleted.

The company, founded in 2003, had built unit and commercial developments before administrators Worrells Solvency and Forensic Accountants were appointed earlier this month.

The company's collapse is the latest in a series of building company failures and comes as the Reserve Bank of Australia singled out the Brisbane property market as an area of concern.

Worrells partner Lee Crosthwaite told creditors that CKP had four apartment and residential projects in various stages of being built in Morningside, Ascot and Alderley but work had now stopped at the sites.

Mr Crosthwaite said it was unlikely there would be sufficient assets to pay CKP's debts if the company was liquidated.

Read more at The Courier-Mail

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