PBS Building (Qld) Pty Ltd

Update: Supreme Court action

The QBCC is aware of an application made by the administrators for PBS Building (Qld) Pty Ltd seeking directions in the Supreme Court regarding the administration of Project Trust Accounts and a Retention Trust Account under the Building Industry Fairness (Security of Payment) Act 2017. 

The QBCC has actively engaged with the administrators and the Court. 

Orders have been made which require the administrators to take steps to notify subcontractors affected by the collapse of PBS Building (Qld) Pty Ltd.  

The QBCC continues to actively monitor the proceeding and engage as an interested party when appropriate. 

The QBCC encourages any subcontractor or supplier who believes they are or may be entitled to payment under contracts with PBS Building (Qld) Pty Ltd to contact the administrators so that their claim may be considered. 

The QBCC does not have a role in the distribution of funds out of Trust Accounts but does have robust powers to monitor and investigate the administration of Trust Accounts. 

There are strict penalties in place for non-compliance with the requirements of the Building Industry Fairness (Security of Payment) Act 2017, including imprisonment. 

In the meantime, the QBCC is undertaking investigations to ensure that the Trust Account framework in Queensland is being administered in accordance with legislation. 

The QBCC continues to work to ensure that the beneficiaries of Trust and Retention Accounts are receiving all applicable protections offered by the Trust Account framework. 

This includes checks undertaken by the QBCC of trust and retention accounts that were administered by PBS Building (Qld) Pty Ltd. 

If the QBCC identifies any wrongdoing in relation to any entity’s trust and retention accounts, it will take any and all appropriate regulatory action.  

Background

On 7 March 2023, PBS Building (Qld) Pty Ltd (PBS Building),  QBCC licence number 1079391, went into voluntary administration and appointed administrators, RSM Australia Partners (RSM). 

At the time administrators were appointed, PBS Building had two projects that required a project trust account, with a related retention trust account: 

• Design and Construction Works - Bokarina Beach “The Curl” (Lot 901) Civil, Landscaping, Streetscapes and Homes
• Stage 5 to 8 Homes for Latitude 25 RV Lifestyle Community.

Who do I contact if I am owed money by PBS Building? 

The administrators RSM, are responsible for determining the outcome of all outstanding payments for PBS Building projects and administering the project trust accounts, from the date of their appointment on 7 March 2023. This includes administering payments due to beneficiaries of the above project trusts and all subcontractors and other parties.  

The timeframes RSM use as administrator to determine outstanding payment is unknown to the QBCC and is dependent on their confirmation of outstanding payments for PBS Buildings operations.  

The QBCC encourage all persons who consider themselves to be beneficiaries for the above trust projects, subcontractors and suppliers who are owed money by PBS Building to register any outstanding payments with the administrators immediately.  

Beneficiaries of PBS Building project trusts 

If you believe you are a beneficiary of these trust projects – or a subcontractor who has performed work for either of these projects and is owed payment for this work - you must register your proof of any outstanding payments with the administrator, ensuring you specify which trust project consider you are owed money for. 

You can register any outstanding payments by contacting RSM directly via email at pbs_creditors@rsm.com.au or call them on 02 6217 0228. 

Creditors of PBS Building projects 

If you are not a beneficiary but are owed money from PBS Building for these projects or any other project under PBS Building (i.e. you are a creditor but not a trust beneficiary), you should still register any outstanding payment.  

You can register any outstanding payments by contacting RSM directly via email at pbs_creditors@rsm.com.au or call them on 02 6217 0228.