_ct140x105.jpg "AND SO IT BEGINS: The clean up around town has already started, people armed with brooms and buckets have taken to the Gladstone Valley Square Shopping Centre to flush out the floodwater and mess.")
$516K OWING: Luxury builder collapses
A premier Gold Coast residential and commercial builder has collapsed into liquidation owing more than half-a-million dollars to almost two dozen creditors.
Director Nicholas Flint put his Miami-based CGS Constructions (Qld) Pty Ltd was put into liquidation on October 30.
The company owes $516,748 to 21 creditors, including six related companies, according to a financial report authored by Mr Flint.
Marsden Projects is the largest creditor, owed $180,000, while the Australian Taxation Office is out-of-pocket $74,646.
Other unsecured creditors include Bjays Plumbing, owed $26,124; M.C Industries, owed $50,152; and Mills Oakley, owed $60,689.
The six related companies, including what appears to be CGS Constructions' New South Wales branch, are owed a combined $6.
Mr Flint could not be reached for comment.
According to his financial report CGS Constructions (Qld) holds just $5000 in the bank and is owed $22,859 from debtors.
The liquidation is expected to result in a $488,890 deficiency.
According to a 2017 prospectus CGS completed three luxury Gold Coast apartment complexes and a townhouse development at Collingwood Park near Ipswich.
It said the group "has demonstrated experience in defining, delivering and handing-over commercially successful development projects throughout the East Coast of Australia in the areas of residential, commercial and child care".
CGS Constructions (Qld) was voluntarily handed to McLeod & Partners liquidators Jonathan McLeod and Bill Karageozis on October 30.
Originally published as $516K OWING: Luxury builder collapses
