Just weeks after Dubbo company DK Venture lodged a $236,000 creditor’s claim against local builders TCT Constructions, Damien Anderson, a director of both companies, resigned as a director of DK Venture, documents from the Australian Securities and Investments Commission (ASIC) show.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
TCT Constructions went into liquidation in April, owing creditors more than $1.6 million, including large amounts to several Dubbo companies and subcontractors which had built school buildings under Labor’s Building the Education Revolution.
A list of unsecured creditors, dated April 14, shows Mr Anderson’s DK Venture making a claim of $236,000.
ASIC documents show that on May 17, Mr Anderson stepped down as both a director and secretary of DK Venture, which was formed in 2001.
Mr Anderson could not be reached for comment nor could TCT’s other director Peter Lew.
The $236,000 claim by DK Venture has left a sour taste in the mouths of several other Dubbo businesses including Smyth’s Structural Steel Fabrication which has claimed $99,990.
“I’m filthy about Damien Anderson putting himself up as a creditor of $236,000,” company owner Ian Smyth said.
“As far I know he reckons he put that money into the company to get the company started. But you’ve got to bloody lose that money if you take everyone else down with you.”
Other Dubbo businesses listed as creditors include Custom Plumbing and Gas Fitting for more than $77,000, JK Welding for about $61,500 and Jones Electrical and Data Installations for about $95,000.
Sam Peacocke, acting for SV Partners as the liquidator of TCT, said he “understood” Mr Anderson had agreed to see all other creditors paid out before DK Venture received its money.
“We are under the understanding from talking to (Mr Anderson) that he’s quite happy to let that ride until all the other creditors are paid out,” he said.
The $1.6 million figure owed to creditors swelled to $2.3 million when one of the world’s largest construction companies, Laing O’Rourke, lodged a claim for more than $700,000.
Originally just a debtor, the switch by Laing O’Rourke to creditor saw the amount of money owed to TCT reduced from $700,000 to $350,000.
Laing O’Rourke has been the managing contractor for the Federal Government’s Building the Education Revolution in large tracts of NSW.
Responsible for constructing new buildings in about 329 schools in western NSW and the Riverina the program was worth about $319 million.
TCT worked under Laing O’Rourke on many of the western NSW BER jobs. It was on these jobs upon which many of the Dubbo businesses now out of pocket had worked.
Laing O’Rourke did not respond yesterday.
