WhatsNew2Day – Latest News And Breaking Headlines
<!–
<!–
<!– <!–
<!–
<!–
<!–
A construction company run by the son-in-law of a prominent real estate developer has gone bankrupt.
W3D Constructions Pty Ltd, which operates in Surfers Paradise and is owned by Ross Wolbers, went into liquidation on December 7.
Mr Wolbers’ company owes $1.2 million and the collapse has meant that construction work at his former school, The Southport School (TSS), will remain unfinished.
W3D Constructions owes $1.278 million to almost 50 creditors, including $275,000 owed to NAB, according to a report by liquidator Matthew Bookless of SV Partners, the mail reported.
Mr Wolbers’ wife Louise is the daughter of property magnate Norm Rix, one of the richest people in Queensland.
Surfers Paradise construction company W3D has collapsed due to debt of more than $1.2 million (file image)
The Australian Taxation Office is also listed as a creditor for an undisclosed amount, as is Aluminum and Fabrication, which is owed almost $208,000.
TSS hired Mr. Wolbers’ company to improve the school’s sports hall and boarding facilities.
The school has since engaged other builders to carry out the work.
Subcontracted tradesmen were told to take tools and leave job sites when projects came to an abrupt halt.
“We didn’t deserve it, especially at Christmas,” one of them told the Courier Mail.
According to the creditor’s report, just over $30,000 of the company’s nearly $275,000 assets are listed as cash on hand.
Company owner Ross Wolbers is the son-in-law of Norm Rix (pictured, right), a property developer who is one of the richest people in Queensland.
Nix has an estimated net worth of more than $200 million after playing a major role in the Gold Coast property boom.
Wolbers and his wife, Louise, live in a $4.73 million mansion in Sanctuary Cove on the northern Gold Coast.
The Wolbers Family Trust is listed as being owed $2,000.
Louise and her father Norm Rix are directors of a company that sold a service station in Upper Coomera, just west of the Wolber home, for $11.45 million this year.
Rix, who as of 2016 had an estimated net worth of more than $200 million, was involved in the Gold Coast property boom after establishing his company in 1961.
He continued to sell land that would later become Paradise Waters, Paradise Island, Chevron Island, Macintosh Island and Isle of Capri.