Imagine Building Concepts director Tim Staines has more than two decades’ experience in the building industry. Photo: Facebook.
Canberra builder Imagine Building Concepts has gone into voluntary administration owing $4 million to more than 100 creditors.
RSM Australia’s Jonathon Colbran and Adam Cormack have been appointed administrators.
The company, owned by husband and wife team Tim and Sarah Staines, has been trading in Canberra since 2010, having previously gone under the name T & S Building Company Pty Ltd.
There was no hint that the company was in trouble, with its website and Facebook page active and only last month it was a finalist in the 2024 Master Builders ACT Awards.
The company ceased trading on Wednesday (9 October) when administrators were appointed. The administration also covers a related labour services company, Imagine Management Pty Ltd.
Mr Cormack from RSM said the companies had one active project and about 10 employees.
“Our initial review of the financial statements and records has identified more than 100 creditors who are owed in excess of $4 million,” he said.
“These are only preliminary figures and may change as we undertake more detailed investigations over the coming weeks.”
RSM will write to creditors this week to advise them that the first creditor meeting will be held on or before 21 October.
Creditors affected by the administration of the companies should contact RSM via email at Imagine_Creditors@rsm.com.au.
According to the company website, Imagine Building Concepts’ work ranged from commercial, townhouse and multiunit development to custom-built homes and affordable housing projects for the ACT Government.
Its current work includes the Moment townhouses in Whitlam, which are due to be completed in January 2025.
A home in Wisdom Place, Hughes, was expected to be completed last month, and another townhouse project, Acacia in Whitlam, was due to be finished in July.
Before that, Imagine Building Concepts completed a home in Finnis Crescent, Narrabundah, in February and the Atlas townhouses in Wright in March 2023.
In 2022, it won the ‘Apartments or residential up to 3 storeys’ category at the Master Builders ACT Awards for the project Tempus in Turner.
Last month, the company lined up for Master Builders ACT Awards again, this time in the Custom Built Home category with its Finnis Crescent project.
Imagine Building Concepts joins a number of Canberra-based builders that have gone bust in recent times.
These include two of the ACT’s most prominent firms, PBS Building in 2023 and Project Coordination this year, both of which have been wound up.
Rork Projects, Cubitt’s Granny Flats and Home Extensions and Voyager Projects also went under this year.
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