DEBT-laden construction company Laprock Constructions Pty Ltd has had its first creditors meeting since going in to administration this month.
The national company, which was contracted to complete the refurbishment of The Rock Building Society in Rockhampton, is $2 million in debt and owes hundreds of thousands of dollars to sub-contractors.
Creditors, the Laprock Constructions director and the administrator, SV Partners, met in Brisbane this morning to decide the next step.
Four creditors from Brisbane, the Sunshine Coast and Rockhampton, attended the meeting in person while other creditors phoned in or provided a proxy vote.
SV Partners director Tim Heesh said the creditors at the meeting represented about $400,000 of the overall debt.
Mr Heesh could not confirm when sub-contractors could expect to see their money or "whether there is a likelihood of that happening".
He said a committee of inspection, comprised of creditors, was established to work with the liquidator.
The committee could ask the liquidator to provide certain reports on progress of the liquidation.
"I recommended a committee be formed in this case because there was sufficient interest from the creditors that they wanted to assist and provide their thoughts and guidance to the liquidator on certain areas that would be relevant to the outcomes of the liquidation," Mr Heesh said.
Mr Heesh said the liquidator was investigating some of the transactions that occurred immediately prior to an administrator being appointed to "try to understand the audit trail behind those transactions and the implications for directors, shareholders and creditors of the transactions."
None of the creditors at the meeting were willing to comment on their circumstances with only one man stating: "It is just not good, mate."