Creditors of a collapsed construction company are millions of dollars out of pocket from projects across Victoria, New South Wales and Queensland.
Kenik was wound up in Queensland’s Supreme Court earlier this year after another business launched legal action against the Melbourne-based company.
Kenik, which had been in the property and construction industry for more than 25 years, now owes more than 200 creditors a combined total of $6.6million, a new report lodged to the Australian Securities and Investments Commission (ASIC) has revealed.
The document revealed the company’s creditors are from five major projects.
Kenik had been involved in a series of legal battles in its fight to remain in business.
Joinery manufacturer and creditor Barrett Group launched a winding up application against the company in February 2024.
Court records showed Kenik attempted to delay the proceedings by awaiting the result of a separate payment dispute with Taringa Property Group, according to the Herald Sun.
Kenik hoped to pay off its debts if it won or settled the case.
Creditors of a collapsed construction company are $6million out of pocket, records showed
Taringa Property Group had rejected Kenik’s claimed construction costs after their Coles-anchored shopping project in Brisbane ballooned to nearly $10million following construction delays.
The property group was ordered to pay Kenik $4.2million in the courts.
Taringa has since challenged the decision, and launched proceedings to block Kenik from receiving the money.
Taringa also lodged a separate $11million breach of contract claim.
The Queensland Supreme Court rejected Kenik’s request for a stay of the prosecution of the winding up order.
The Judge found ‘Kenik requires all the dominoes to fall in its favour and, even if they did, the creditors would be left waiting even longer’.
He ordered the company to be wound up in insolvency in February.
Insolvency experts from Hall Chadwick were appointed as liquidators.
A complicated series of separate proceedings led a Queensland Judge to order Kenik to wind up their business earlier in 2025
The new document revealed Kenik’s creditors hailed from five major projects.
Creditors in a project in Sunshine, Melbourne, were owed $807,020.
Others for projects in Bringelly, west Sydney, and Yallah, Woollongong, were owed $348,196 and $1.4million respectively.
Creditors for a project in Chuwar, Ipswich were owed $891,083, while Taringa creditors were left at a loss of $2.2million.
Court documents showed Kenik had not traded since August 2023, when it lost its building licence.
More to come.
