A Sydney construction firm has gone into voluntary administration after being subject to $12.9million in building defect claims.
Family-run J&CG Constructions has been in operation since 1994 and built apartment complexes, offices and commercial spaces until the company was placed into administration in May.
According to documents filed with ASIC, Sean Wengel and Rashnyl Prasad of William Buck have been appointed as joint administrators.
A sum of $14.9million is owed to creditors, with the vast majority tied to construction defect claims.
Company director Mark Guerreiro said the business was unable to survive the financial burden, the administrators wrote in their report.
‘The director considered that the scale of the claims, along with the legal costs expected to defend them, exceeded the company’s financial capacity and rendered the business no longer viable,’ the report stated.
The largest claim stems from the 44-unit Rising Apartments development on Botany Road in Mascot, adjacent to Sydney Airport.
Owners at…