PHOTO: JacksCo, which recently went into liquidation, helped build this building in Sylvia Park. STUFF
According to STUFF an Auckland-based construction firm and building equipment supplier has gone bust, with recent weather events noted as a contributing factor.
CENTURY 21 NEW ZEALAND
Jacksco Civil’s phone number was not answered on Tuesday and the company’s website had been taken down, but records on The Wayback Machine internet archived show in January the company claimed to have more than 100 employees.
Liquidators Christopher McCullagh and Stephen Lawrence wrote in their first report that the director had advised the company suffered delays in completing contracts due to the Covid-19 pandemic, staffing issues and more recently, weather conditions.
“This led to significant cost increases on projects, resulting in significant losses being incurred on some projects,” the report said.
“As a result, the company’s cash reserves were depleted. Given the slowdown in the construction industry, cash reserves seemed unlikely to recover.
“Therefore, the company’s shareholder resolved to put both Jacksco and the company into liquidation, to conduct their orderly wind-up.”
Jacksco Civil utilised plant and equipment owned by the related company, Jacksco, which was also put into liquidation.
Jacksco Civil was estimated to have a little over $3.7 million in assets at the time of liquidation, which did not include the value of materials, which was not yet known.
Jacksco Civil owed the Inland Revenue (IR) a little over $350,000, more than $5.4m to ASB, and a little over $3.2m to unsecured creditors, which included material suppliers and tradespeople.
Jacksco, which also owned a civil construction plant, was estimated to have assets of just over $2.15m, although a large chunk of this was in the form of a loan receivable from Jacksco Civil.
The company was estimated to have more than $5.95m in motor vehicles, machinery, portable buildings and specialised equipment, although these were secured by the way of a general security agreement.
The company owed ASB more than $5.4m, owed IR more than $132,000, and owed unsecured creditors over $422,000.
Lawrence said he would be making no further comment on the liquidation at this point.
Both companies list Simon Jacks as the sole director, and the Jacksco website also lists him as the general manager.
The website describes him as having over 30 years’ experience in property development and civil construction, during which time he had managed multimillion-dollar projects both nationally and internationally.
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