A Canberra-based building company that went bust owes creditors $6.56 million, a report says.
Imagine Building Concepts Pty Ltd entered voluntary administration in October.
The company, which previously traded under the name T & S Building Pty Ltd, has been working in Canberra since 2010.
The Australian Securities and Investment Commission lists Tim Staines as the director.
Imagine Management Pty Ltd is directed by Mr Staines's wife, Sarah Staines. It provided labour services to Imagine Building.
Both companies have entered voluntary administration and were assessed in tandem.
The creditors' report showed the companies became insolvent on or before July 1 due to losses incurred on historic projects.
Jonathon Colbran and Adam Cormack of RSM Australia have been appointed administrators.
An initial review of the financial statements and records identified more than 100 creditors who were owed more than $4 million.
But an updated creditors' report, published November 5, showed that the figure had blown out.
Mr Cormack said RSM was aware of 150 creditors.
"We have received 50 proof of debt claims from creditors, totalling approximately $4.6 million," he said.
More proof of debt claims were expected in the coming days.
Among the largest creditors are five subcontractors, each owed more than $200,000.
The creditors due the most are a plumber, who is owed $595,000, and a manufacturer of precast concrete, who is owed $572,000.
The next is a scaffolding company, which is owed $404,400. They are understood to have worked on recent townhouse projects in Whitlam.
A company specialising in shower installation is owed $220,100.
A Canberra-based flooring business is owed $372,300 and a painter $286,400.
One of these contractors told The Canberra Times previous companies they worked for had entered voluntary administration, and the experience gave them little hope of recovering any funds.
The report said employees across both Imagine companies were owed more than $114,000 in wages, superannuation, leave entitlements and pay-in-lieu-of-notice.
Most of this money was owed under Imagine Management, and $7470 was owed under Imagine Building.
The company's construction manager, Dion Young, is among staff who were not paid wages.
He previously told The Canberra Times none of his staff knew about the company going into voluntary administration until RSM notified them.
"Our reputation as a team has been tarnished by somebody else," he said at the time.
Mr Young told The Canberra Times on November 6 that he and several of his staff were still awaiting new jobs, almost a month after the voluntary administration was announced.
The creditors' report said Imagine Building Concepts had a turnover of $21 million in the 2023-24 financial year across four projects.
Among them are the Moment townhouses in Whitlam, where work is set to recommence. Dish Development Whitlam is developing them, and it is expected to take control of the construction.
The Acacia complex, also in Whitlam, was given practical completion in September 2024.
That development was developed by SYZYGY group, of which developer Nik Bulum is the director.
Imagine has completed private contracts in O'Connor and Hughes to build homes.
Imagine Building Concepts also owed $44,000 in tax, according to the report.
The liquidator has recommended Imagine be wound up, giving creditors some hope in recovering some funds.
"Following asset recovery efforts and investigations into the financial affairs of the companies, we consider it would be in the creditors' best interests for the companies to be wound up," Mr Cormack said.
Tim and Sarah Staines, and RSM Australia, have been contacted for comment.
Imagine joins a long line string Canberra builders to collapse in recent years.
Most recently, Lifestyle Home management began a winding up order on September 12. The case was adjourned in the Federal Court until mid-December.
Project Coordination was wound up in September after it entered voluntary administration earlier in the year.
PBS Building entered administration in 2023.
National builder Rork Projects also entered voluntary administration, leaving dozens of ACT projects in limbo.
Thirty-year-old ACT-based business Cubitt's Granny Flats and Home Extensions also went into voluntary administration, in February 2024.
