Stokes Wheeler - Liquidation

Stokes Wheeler, a Gold Coast construction company that has been operating for nearly a century, was placed into liquidation on 14 April.

The third-generation company was working on four major projects — including the Elevaire apartment building at Palm Beach and the Bounce Hostel in Surfers Paradise — when it previously entered voluntary administration in February.

The company had been struggling for several years due to various loss-making projects and accumulated debt of over $18 million, including $1.66 million owed to employees, $13.5 million to unsecured creditors, and $3.2 million to secured creditors including Westpac bank.

The company’s directors, Damien Stokes and John Wheeler, reportedly drafted a DOCA to avoid liquidation, but the company’s creditors voted to dissolve the company.

William Robson and Bill Cotter of Robson Cotter, formerly the administrators, were appointed liquidators.