Builder for Metacap's Riverbend Over 50s retirement lifestyle resorts in deep trouble
Builder behind Riverbend projects facing collapse and licence cancellations
- Financial turmoil: IMP entities facing liquidation action and receivership
- Licence loss: QBCC cancelled builder licences over unpaid debts and compliance failures
- Project fallout: Riverbend retirement village developments caught in uncertainty
- Contractor anger: Subcontractors claim months of unpaid invoices across projects
A Queensland building company has had its builder licences cancelled while creditors look to place two of their companies into liquidation over unpaid debts.
Logan-based IMP Building Group, whose website is "temporarily unavailable", is facing a liquidation bid by construction supplier Flexihire in the Supreme Court of Victoria, while a second IMP company is in receivership and facing wind-up in the Brisbane Supreme Court.
IMP Building Group had been working on the Riverbend land lease residential parks at Burpengary, Agnes Water, Yandina and Hervey Bay in QLD. Riverbend has sought to extend further into NSW and South Australia.
Both IMP companies are solely directed by Gold Coast-born Ivan Perkovic, 44, who was listed on their website as construction manager and “seasoned master builder”.
Lender Bizcap appointed receivers to IMP QLD’s assets on 13 January over a loan agreement signed in May last year. The receivership ended on 7 May, about a week after the wind-up action was launched.
Queensland Building and Construction Commission (QBCC) records indicate IMP QLD’s category 2 licence was cancelled in March for failure to pay debts or comply with an audit.
The licence said it was considered an excluded company because of Ivan Perkovic’s directorship of the other IMP company, which was formerly named IMP Building Group, and had receivers appointed last month.
Credit agency CreditorWatch rated both companies as having the highest possible default risk, with IMP Building Group alone receiving 464 credit inquiries in the past year.
That company has registered payment defaults worth more than $200,000 – not including the debt from Flexi Commercial which is the subject of its wind-up action.
“Entity has very high repayment risk and is among the worst 10% of payers nationally,” according to CreditorWatch, which said it had an average payment time of 124 days, compared to the industry average of eight days.
IMP QLD also has multiple payment defaults registered.
The company’s independent online reviews paint an unflattering picture, with subcontractors complaining of not being paid as far back as last October.
“IMP they talk the talk but will not pay invoices and come up with excuses,” said one unhappy reviewer.
“Haven’t been paid for work done in Yandina. A warning to all trades especially plumbers steer clear of these guys.”
No regulatory action has been taken against any individual involved with either company, and there is no suggestion of any criminal wrongdoing.
The Victorian wind-up action of IMP Building Group QLD is scheduled for a hearing on 27 May, while the Queensland wind-up action for the company formerly named IMP Building Group is set for a directions hearing on 11 June.
