Major Australian construction firm teeters on the brink of collapse – with debts of more than $22 million
A company formerly owned by a major construction firm reportedly owes the IRS $22.8 million.
The company, formerly known as Maxcon Developments Pty Ltd but now registered as ACN 152 259 839 Pty Ltd, is said to still have unpaid taxes dating back to 2014.
The deputy tax commissioner has taken the company to the federal court. He is calling for the company to be liquidated.
On July 26, a petition for liquidation was filed and the case was heard last Friday.
Maxcon Developments was a company within Maxon Constructions, which has disputed the allegations, news.com.au reported.
“Maxcon Constructions Pty Ltd and its director deny any allegations of wrongdoing or any outstanding tax and will defend the allegations to the full extent of the law. They are unable to comment further as the matter is currently before the courts,” the spokesperson told the publication.
Maxcon Developments has been operating since 2011, but was deregistered by ASIC in June and no longer offers services.
A company once associated with major construction firm Maxcon Constructions is said to have a $22 million debt
Maxcon Constructions is based in Melbourne and has completed more than two dozen commercial projects in the city, including hotels and apartment complexes.
The debts that Maxcon Developments is said to have date from 2014 to 2020.
About half of the $22 million is due to fines for non-payment of debts, the publication reported.
The company must re-register with the ATO in order to challenge the claims.
The case will be heard again in court next Friday.
Maxcon Developments changed its name in 2022.
Maxcon Constructions was founded in 2006.
