PBS Building ACT and Queensland to be liquidated and wound up, creditors decide at final meeting

It follows six months of investigations into the five companies, which found more than 500 creditors could be owed up to about $169 million.

Creditors of the collapsed construction business voted on Wednesday to place four of the five PBS Building companies into administration, including two construction arms in the ACT and Queensland.

It was agreed the NSW building company would enter a deed of company arrangement to enable payments owed to be pursued through the courts.

RSM Australia partner Jonathon Colbran said it remained a "complex and lengthy process to determine the final value of creditor claims and the value of PBS assets available to creditors".

"It is expected that a number of matters, including resolving competing creditor claims and rights to assets, finalising existing and anticipated litigation, and considering the value of final creditor claims, will take at least 12 months," he said.

Five PBS companies entered voluntary administration on March 7, halting work at dozens of residential and commercial projects across the ACT, NSW and Queensland.

The 34-year-old company had more than $439 million worth of active projects under way at the time, the administrators found.

Ian Carter, who founded PBS Building in 1989 with his brother Peter, released a statement at the time of the administration in March.

He said the administration was a "gut-wrenching decision" that followed "months of intense efforts behind the scenes".

PBS Building directors Ian Carter and Adam Moore have not provided any statements since then.

The Canberra Times first reported on PBS Building's suspected financial troubles on Monday, March 6 after hearing reports the company had abandoned job sites across the ACT.

Among them were the Belconnen Markets redevelopment, Doma's Melrose residential project in Woden and Stockland's The Parks residential development in Red Hill.

The following day, five PBS companies entered administration including PBS Building Pty Ltd, PBS Building (ACT) Pty Ltd, PBS Building (NSW) Pty Ltd, PBS Building (QLD) Pty Ltd and PBS Management Company Pty Ltd.

The administrators confirmed the entitlements of all 180 staff across the ACT, NSW and Queensland had been paid out.

The company's debt was initially estimated to be more than $25 million, but quickly skyrocketed to a possible $169 million, as outlined in a report from the administrators in July.

A list of PBS' 24 active projects was also published at that time. Another 56 projects were also in a defect liability period.

Out of the 12 ACT projects, the highest-value contract was the contract with Doma for the Melrose apartments, worth $63.4 million.

The second largest was a $32 million project with Bisa Developments to build 63 luxury apartments in Griffith.

The Belconnen Markets redevelopment, which was still emblazoned with PBS signage on March 6, was not listed as an active project in the administrator's report.

Developers of the markets, Elanor Investors Group, did not respond to questions from The Canberra Times.

Since March, The Canberra Times has uncovered other businesses and projects with links to the two PBS Building directors.

Ian Carter was also one of the directors of Ply (ACT) Pty Ltd from 2005 to 2012 ASIC documents revealed.

Ply (ACT) Pty Ltd entered external administration in 2013, with debts of more than $42 million.

The company had worked on the construction of the high-profile Nishi project in New Acton.

Investigations also revealed Mr Carter and Mr Moore remain involved in the redevelopment of Gungahlin Homestead.

The pair are listed as directors of Block 348 Gungahlin Pty Ltd, the company that acquired the property in 2022.

Mr Moore is one of the directors of Urbanistik Property Group Pty Ltd, the company developing the historic site, while Mr Carter was previously a director.

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