Dozens of homebuyers and tradies on the Gold Coast are in limbo this morning, following the collapse of another major Australian builder.
PBS Building finally confirmed overnight that they have gone into voluntary administration, with all 180 staff made redundant.
The company had 80 projects across the country in the works, including several on the Gold Coast.
It was halfway through a 19-level development in Surfers Paradise and a big townhouse project in Helensvale, which have now been locked up.
PBS currently owes more than $25 million to its creditors, however, that number could rise.
“This has been a gut-wrenching decision that we know will impact many lives and livelihoods,” the company’s directors said in a statement.
“However, after months of intense efforts behind the scenes, in the end it was the only responsible course of action available.
“In relation to our current projects, we secured, not abandoned, these sites with the express purpose of not incurring any further expenses.
“We took this step to ensure that we could negotiate better outcomes with…