Failed builder's debts revealed in ASIC report

Millions of dollars worth of debts owed by Project Coordination have been laid out in a report filed to the Australian Securities and Investments Commission.

The family-run building firm entered voluntary administration in March after nearly 50 years of operation in the ACT and NSW.

Early investigations indicated the company could owe an estimated $25 million to about 200 creditors.

Administrators RSM Australia have filed a report to ASIC detailing the company's activities and properties.

The report notes the company does not owe any wages to its employees but does owe annual leave, superannuation and redundancy payments.

It also confirmed Project Coordination owes money to suppliers, government and tax bodies, landlords, banks and utilities providers.

Among the largest debts outlined in the report is about $1.6 million owing to a steel fabricator in regional NSW and more than $800,000 owing to a demolition group based in Fyshwick.

Other Canberra businesses include a construction company that is owed more than $430,000 and a facade business owed more than $400,000.

A Fyshwick scaffolding business is owed $335,000, and a commercial furniture business is owed about $250,000.

The ACT Revenue Office is owed more than $140,000, the report states.

There are several ACT businesses listed in the report that are owed more than $100,000.

The document also sets out the company's properties and assets, however parts of the report were illegible.

The report notes that the company owns motor vehicles, equipment, real property and other assets.

In April, the Federal Court granted administrators more time to restart projects and pursue company assets.

RSM Australia has until June 30 to file its report to creditors.

The time extension would allow administrators to deal with "asset, liability and building project-related matters", RSM Australia partner Jonathon Colbran said.

"It also gives us a chance to identify any potential parties who may wish to put forward a deed of company arrangement to continue the company in some form," he said.

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In a statement in March, Paul Murphy and his son Gavin said they had "agonised" over the decision to put the company into administration.

"Today we informed our staff of our decision and the painful reality that we would have to let them go," the statement said.

"They were emotional meetings and conversations. A quarter of our staff have been with us for 15 years or more, with many over 20 years."

Founded in Canberra in 1975, Project Coordination expanded in 2000 with the opening of a second office in Wollongong.