A huge cloud hangs over $5 billion in building projects around Australia amid fears Probuild, one of the countries largest construction companies, is on the brink of financial ruin.
It is understood administrators will soon be appointed.
Probuild is expected to make some kind of major announcement around 10am this morning.
Subcontractors and tradesmen walked off the site, including on Melbourne’s O’Connell Street, where Probuild is behind a build for biotech giant CSL.
Workers were seen loading large amount of equipment and tools from Probuild building sites.
Subcontractor are believed owed huge amounts of money.
Probuild’s portfolio of ongoing work across Australia estimated to be valued at $5 billion and includes Greenland Centre, Sydney’s tallest residential building.
Long building delays and company not having enough money to pay its subcontractors are believed to be the factors behind Probuild’s expected collapse.
A tradesman who fled one of the building sites told 9News: “All the contractors are owed hundreds of thousands of dollars.
“No one’s going to get their money,” he said.