On the Gold Coast, 182 construction companies went into liquidation or some form of administration in 2024, from a total of 712 across all sector, newly-released ASIC data reveals.
The accommodation and food services sector endured the second highest number, with 117, followed by 60 “other services”; 46 financial and insurance services; 45 retailers and 40 manufacturing firms.
More than 3200 construction companies went into administration nationwide in 2024, leaving buyers and subcontractors uncertain and out of pocket.
Nationally, almost 40 per cent of all businesses facing insolvency opted for voluntary liquidation, while 24 per cent took advantage of the small business restructuring program to avoid complete failure.
Queensland had the highest percentage of business restructures in Australia, making up 29.87 per cent of the total, followed by NSW with 23.14 per cent and Victoria with 20 per cent.
Among the near misses – who continued to trade on the Gold Coast – were The Henchman Miami; Black Hops Brewing; The Pink Flamingo; Outland Denim; Pink Hotel and Eddie’s Grub House; Artesian Hospitality Group; and Matt Hollywood.
Those who closed down for good included Matt Ward Productions; Pretty Handsome cafe; Espresso Moto;…