Artstruct collapses | The Property Tribune

  • The company specializes in the renovation of luxury homes
  • External directors have been appointed

A Queensland luxury builder specializing in home renovations has become the latest victim in the conga line of collapsed builders.

Art Struct, based in Brisbane’s affluent riverside suburb of New Farm, owes its creditors around $2million.

Documents from the Australian Securities and Investments Commission (ASIC) show that the company, Art Struct Pty Ltd, went into external administration at the end of last week. The company was established in 2005.

Further information from the liquidators is expected to be released in due course.

Growing conga line

The news comes weeks after Melbourne-based Blint Builders went into administration owing around $1 million to 50 creditors.

Over the past 18 months, a range of homebuilders have collapsed, including other small builders in Queensland such as Besse Construction to big companies such as Condev, Probuild and Pindan. Companies in the sector are struggling with cash flow problems caused by labor and material shortages.

ASIC data from the June quarter of 2022 shows that 28% of all insolvencies during the June quarter of 2022 were from the construction sector.

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