The Queensland firm called a last-bid meeting on Monday with developers from around the country in a bid to raise cash for ongoing operations.
The meeting did not provide the solution – thought to be around $25 million – for Condev, forcing founders Steve and Tracy Marais to begin placing the business in voluntary administration.
Despite Condev still being solvent and carrying an excellent reputation, the decision to appoint a liquidator was made due to forecasts that showed market conditions and material costs overwhelming the company’s bottom line.
“We are absolutely devastated for the Condev family of employees, our tradespeople and our affiliates,” Mr Marais said in a statement.
“Unfortunately, we were not able to reach the unanimous support we needed to keep the business operational in the future.”
The Marais’ lawyer, Derek Cronin, of…