A year after an established Canberra building company went bust, one of the group's former directors has resurfaced, seeking investors for a new project.
Former PBS Building director Adam Moore is working with the owner and developer of a Lyneham site, exploring an option to bring together a small group of investors.
Another former PBS Building employee, Robert Oldfield, is also working on the project.
The long-running PBS Building was placed into voluntary administration in March 2023, with debts of about $169 million.
The more than 500 creditors later voted to liquidate four of the five companies.
Mr Moore and Ian Carter were the two directors of the company prior to administration.
An investment memorandum, obtained by The Canberra Times, shows Mr Moore is seeking to raise $3.7 million for a new development on Wattle Street, Lyneham.
The document states the block is owned by ABG Development Pty Ltd, a company that lists Patrick Zhao as the director.
Mr Zhao has agreed for Mr Moore to seek equity partners, as an alternative to selling the land, the memorandum says.
"The site is currently under contract, however, ABG (with contractual rights to rescind) have agreed with Adam Moore if suitable partners are found and he remains involved then a new Joint Venture can be established," the document states.
It is understood there is no formal agreement between Mr Moore and ABG Development and the company is exploring several options for the block.
Group seeking $3.7 million investment
Under the proposal, Mr Zhao will retain about a 21.2 per cent stake in the project (worth about $1 million).
The group is seeking investors to raise the remaining $3.7 million and have forecast a profit of $2,572,000 to the investor group.
They are seeking a small group of investors to each provide a minimum $500,000 equity stake.
Mr Moore would lead the development management for the project, while Mr Oldfield would handle "financial oversight and administration", the memorandum states.
The first $100,000 of any project surpluses above the forecast return will be a "bonus incentive for the development management team", the document also states.
The document was prepared by Mr Moore through a company, Glossop Hill Pty Ltd, that was registered on March 17, 2023, days after PBS Building went into voluntary administration.
Glossop Hill Pty Ltd lists Justine Moore as the sole director and owner of the company.
The ACT planning authority approved the proposal for 12 townhouses in Lyneham, subject to conditions, on April 8, 2024.
If the group is successful in finding investors, they intend to start construction in October, for completion in early 2026.
Mr Oldfield declined to comment when contacted by The Canberra Times.
Mr Moore and Mr Zhao were also contacted but had not responded by publication.
Residential and commercial projects in the ACT, Queensland and NSW came to halt in March 2023, when 34-year-old PBS Building collapsed.
The group had more than $439 million worth of active projects under way at the time, the administrators found.
Administrator Jonathon Colbran of RSM Australia said in October the liquidation remained a "complex and lengthy process".
"It is expected that a number of matters, including resolving competing creditor claims and rights to assets, finalising existing and anticipated litigation, and considering the value of final creditor claims, will take at least 12 months," he said.
