According to a recent report in the Courier Mail, several companies connected to Queensland Property Group (QPG) founders George Cheihk and Con Bassili are now in liquidation or administration, with debts reportedly exceeding $40 million. The developments, located in Ipswich, have raised questions about project delivery timelines and highlighted the financial risks that off-the-plan buyers can face when a developer becomes insolvent.
For anyone buying off-the-plan — whether you are an investor, business owner, or first-time buyer — this is a reminder that developer risk is real and legal due diligence is not optional.
Land vs Strata: What Off-the-Plan Buyers Need to Know
When buying off-the-plan property in Queensland, the law treats freehold land contracts and strata property contracts differently — and that difference can seriously affect your risk exposure.
- Freehold land (house lots): Since November 2023, developers can no longer cancel a land sale contract just because the project hasn’t been completed by the sunset date — unless the buyer gives written consent, a court approves it, or the law allows it in special circumstances.
- Strata property (apartments or townhouses): These reforms do not yet apply to community titles schemes. Developers can usually still rely on the contract’s sunset clause, which can be as long as 5.5 years.
Why this matters: Land buyers now have stronger legal protection from one-sided terminations. Strata buyers face more risk and should take extra care by having their contracts reviewed and negotiating fairer terms before signing.
Ipswich Developer Collapse: A Cautionary Case Study
A Courier-Mail investigation reported that several companies connected to Queensland Property Group (QPG) founders George Cheihk and Con Bassili are now in liquidation or administration, with debts exceeding $40 million.
The affected entities include:
- Budamba Property Holdings, owing over $28 million.
- Queensland Developments Payroll, with $2.5 million due under a Deed of Company Arrangement by September 2025.
- Queensland Developments Commissions, with nearly $2 million in liabilities.
These companies are tied to several Ipswich residential projects, which are now under review by liquidators.
Takeaway for buyers: This case shows that even well-known developers can face financial collapse. Before buying off-the-plan, conduct ASIC company checks, review project funding, and have your contract assessed by a property lawyer to avoid being left in limbo if the project stalls.
What Smart Buyers Should Do Before Signing
Here are practical steps to reduce risk:
- Check the developer’s financial health – An ASIC company search can reveal whether the developer has prior insolvencies, court actions, or charges.
- Review project funding – Understand whether construction is fully funded or relies on a certain number of pre-sales.
- Read the fine print – Pay attention to clauses about extensions, plan changes, and settlement deadlines.
- Assess builder credibility – Look at their licence history and track record of delivering similar projects.
- Get independent legal advice – Have a lawyer review your contract before you sign, not after.
How Ensure Legal Supports You
At Ensure Legal, we help off-the-plan buyers make informed decisions by:
- Reviewing contracts to spot risks and negotiate fairer terms.
- Running ASIC and title searches to check the developer’s solvency and ownership structure.
- Advising on exit rights and strategies if a project is delayed, varied, or fails.
With the right legal advice, you can enter a project with confidence and protect your investment from worst-case scenarios.
Key Takeaway
Developer insolvency doesn’t just happen to someone else — it’s a market reality. Queensland law offers some safeguards, but buyers must still do their homework. A small investment in legal due diligence before signing could save you thousands of dollars and months of stress.
Disclaimer: This article provides general information only and does not constitute legal advice. You should seek independent legal advice tailored to your circumstances before entering into any property contract.
