A construction company owned by the son-in-law of a prominent developer has gone bankrupt.
W3D Constructions Pty Ltd, which operates from Surfers Paradise and is owned by Ross Wolbers, went into administration on December 7.
Mr Wolbers’ company is owed $1.2 million and the collapse will leave a construction job at his former school, Southport School (TSS), unfinished.
W3D Constructions owes $1.278 million to nearly 50 creditors, including $275,000 to NAB, according to a report by trustee Matthew Bookless of SV Partners, the Courier mail reported.
Mr Wolbers’ wife, Louise, is the daughter of property developer Norm Rix, one of Queensland’s richest people.
Construction company operating out of Surfers Paradise, W3D, has gone bankrupt with debts of more than $1.2 million (stock image)
The Australian Taxation Office is also listed as a creditor for an undisclosed amount, as is Aluminum and Fabrication, which is owed almost $208,000.
TSS hired Mr Wolbers’ company to upgrade the school’s sports pavilion and day care facilities.
The school has since worked with other builders to complete the job.
Outsourced trades were told to get their tools and leave work stations as projects came to an abrupt halt.
“We don’t deserve that, especially at Christmas,” one person told the Courier Mail.
Just over $30,000 of the company’s assets worth $275,000 are listed as cash, according to the creditor’s report.
The company’s owner, Ross Wolbers, is the son-in-law of Norm Rix (pictured right), a property developer who is one of Queensland’s richest people
Mr Nix has an estimated net worth of more than $200 million after playing a major role in the Gold Coast’s property boom
Mr Wolbers and his wife Louise live in a $4.73 million mansion in Sanctuary Cove in the northern Gold Coast.
The Wolbers Family Trust is listed as being owed $2000.
Louise and her father Norm Rix are directors of a company that this year sold a petrol station in Upper Coomera, just west of the Wolbers’ home, for $11.45 million.
Mr Rix – who had an estimated net worth of more than $200 million in 2016 – played a role in the Gold Coast’s property boom after founding his company in 1961.
He then sold land that would become Paradise Waters, Paradise Island, Chevron Island, Macintosh Island and Isle of Capri.
