Regional building company Peter O’Brien Constructions has gone into voluntary administration after being owed $12 million by debtors including a government organisation.
The Blayney-based firm owes $5.7 million to creditors including regional subcontractors.
A statement released by Mr O’Brien said he and his wife Melissa had been forced to sell their assets.
“The O’Briens have put up their family homes for sale, selling assets and cars to try and recover funds and somehow pay back debts,” it said.
Sydney firm Veritas Advisory has been appointed administrator for the company.
Director Steve Naidenov said they were now collating information about three major debtors.
“The future of the company will be decided at the second meeting of creditors which is scheduled to be on or about 20 October 2017,” he said.
“As administrators we are in the process of gathering all information pertaining to these contracts and determining what can be realised for the benefit of creditors.”
Mr O’Brien’s statement said the situation had arisen due to a failure of debtors to pay “outstanding drawdowns and variations owed to Peter O’Brien Constructions and his subcontractors”.
It said he was “devastated” by the events.
“This has devastated myself and my family as well as the local community.”
It said the company had operated in residential and commercial building in regional NSW, Sydney and Canberra for 12 years.
Mr O’Brien was contacted for comment.