The Melbourne builder Bayside Construct has gone in to administration with 12 current projects being handed over to other builders.
The Port Melbourne-based company has debts estimated at around $20 million.
Administrator Sam Kaso told the Australian Financial Review that 49 people were made redundant upon being appointed as voluntary administrator last week.
Bayside managing director Craig Hopcroft told the AFR eight of the 12 projects were doing okay, but four were "pretty much under water."
"Two of those were terrible projects. That's all you need these days – you only need a couple of bad jobs when margins are so tight."
