The collapse of a national building company has left an affordable housing project in the Illawarra in limbo.
Canberra-based PBS Building has gone into voluntary administration, with work stopped at scores of projects across multiple states.
Administrators RSM Australia were called in today, with documents lodged at 2.30pm outlining the company's financial strife.
The joint statement from the PBS board and administrators said it was a "gut wrenching decision".
"After months of intense efforts behind the scenes, in the end it was the only responsible course of action available."
The Dapto project was designed to address the Illawarra's crippling housing crisis, and was specifically targeted at women over 55.
PBS Building was delivering the project on behalf of Anglicare and residents were expected to move in from June 2023.
An Anglicare spokesperson said work had stopped on the site on Friday and having terminated the contract the charity would now be seeking to find a new builder to finish the job.
The spokesperson said it was too early to say how delayed the project would be.
It is unknown at this stage how many workers were on site and how subcontractors will be affected.
Anglicare will communicate with residents at the adjoining aged care facility about what impact the news will have on them.
"It is awful that people will continue to be inconvenienced by this," the Anglicare spokesperson said.
In the statement, the company blamed the combination of rising material costs, fixed price contracts, labour and material shortages, extreme rain events, floods, bush fires and wars as contributing to the business going under.
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