AQWA Constructions bankrupt: 35 unfinished projects

A major Brisbane home renovation company has gone under, leaving behind 35 unfinished projects and owing millions of dollars to creditors across the country.

Paul James Galvin, owner of Brisbane-based AQWA Constructions, filed for bankruptcy on April 25, with $2.8 million in debts to over 100 creditors across Australia.

The company was launched in 2002, promising to be a ‘one-stop shop’ for Brisbane homeowners looking to improve their properties.

Bill Cotter from Robson Cotter Insolvency, appointed as the trustee, found that the businesses collapsed due to excessive borrowing and legal action.

‘It is apparent the construction businesses operated by the bankrupt grew very quickly over the period of several years during and following the Covid-19 period, and a combination of under-capitalisation, poor accounting practices, increasing labour and material costs and lack of management oversight and control, have likely contributed to the ultimate failure of the business,’ Mr Cotter said in the report.

‘In any event, it is quite difficult to pinpoint precise dates of insolvency and our investigations are ongoing in relation to same.’

The construction company held a QBCC builder’s license from 2015 until it was cancelled in June 2024 after the bankruptcy filing.

Mr Cotter added that the license cancellation means AQWA Constructions will not be able to complete the 35 unfinished projects.

‘All affected homeowners are recommended to contact QBCC to determine where claims may be available to them under the home warranty insurance policies,’ he said.

AQWA Construction’s website remains active despite the bankruptcy.

The website spruiks the company as having staff who ‘pride ourselves on being a highly experienced renovation company that specialises in high quality and affordable home renovation services’.

‘We take the pain out of full home renovations – planning it all under one roof.

‘AQWA Constructions is a one-stop home renovation company that offers all types of building and landscape works.’

AQWA Construction’s collapse is just the latest for the Queensland and Australian construction industry as the prices of materials and sub-contractors soar while locked into low-price contracts with customers.

A News Corp investigation found that the number of construction businesses going bankrupt has surged by a staggering 194 per cent in the past two years.

The struggling construction industry has had a devastating ripple effect on thousands of homeowners, subcontractors, and suppliers across the state.