Collapsed perth building company Builton has been placed in liquidation as creditors continue to raise questions over the relationship between the former company director and a series of syndicate companies that financed the construction of apartments.

Creditors to Builton Group voted yesterday to wind up the company, with the administrator confirming there would likely be no money left to be returned to subcontractors.

“I would like to have some better news for creditors, but unfortunately that’s the card that was dealt,” administrator Dino Travaglini of accounting firm Cor Cordis said.

“It’s a very sad situation. There’s a lot of small businesses out there that are hurting.”

Builton, which was behind major apartment complexes such as Vue in Maylands and Quattro in Burswood, was placed in administration in January owing creditors about $20 million.

The company was headed by businessman Troy Felt, once hailed as one of Perth’s up-and-coming property moguls. The collapse caught WA’s Building Commissioner on the hop after it emerged the agency had carried out an audit of Builton late last year and gave the company a clean bill of health.

Commerce Minister Bill Johnston said he was asking questions of the…