Building supplier goes bust

Western Australia-based building products distributor Retroflex Building Supplies has collapsed, owing creditors around $2.4 million.

Insolvency practitioner FTI Consulting was appointed receivers and managers of Retroflex earlier this month, while this week, HLB Mann Judd’s insolvency division was appointed as liquidator.

According to documents sent to creditors by HLB Mann Judd, secured creditors are owed $337,535, while unsecured creditors are owed $2.09 million.

HLB Mann Judd estimated it could recoup around $2.1 million from the sale of Retroflex’s assets, while the insolvency firm’s fees are expected to total just over $130,000.

Circumstances around the collapse of the building materials supplier, which distributes plasterboard, ceiling systems and fibre cement building products, are not yet known.

A meeting of creditors will be held on March 2.