Liquidation of Home Australia to hit house and land owners
Liquidators have been appointed to Home Australia, with customers whose homes are under construction by any builders in the group urged to contact the insurer per the Insurance Certificate issued with their home building contract.
Construction on 207 properties around the country has been put on hold.
Home Australia is owned by Family First senator Bob Day, who has announced his resignation from Federal Parliament.
Home Australia operates in five Australian States under the brands:
- Homestead Homes in South Australia (new homes presently under construction – 48);
- Collier Homes in Western Australia (new homes presently under construction – 29);
- Newstart Homes in Queensland (new homes presently under construction – 17);
- Ashford Homes in Victoria (new homes presently under construction – 57); and
- Huxley Homes in New South Wales (new homes presently under construction – 56).
Liquidators McGrathNicol said in cases where no Insurance Certificate has been issued, customers may have a claim against the relevant Home Australia entity which they contracted with.
"The Liquidators’ immediate objective is to work constructively with relevant insurers and customers in an effort to facilitate the orderly recommencement of construction of uncompleted homes by alternative builders. We will communicate with customers in writing in the coming days," McGrathNicol said.
"In accordance with the Liquidators’ duties, the financial affairs of Home Australia will also be investigated so that the Liquidators may report to creditors and to the Australian Securities and Investments Commission.
"The Liquidators’ invite parties interested in acquiring the businesses and/or assets of Home Australia in whole or in part to contact McGrathNicol on (03) 9038 3100.
"Meetings of creditors for each entity must be held within 18 days of the appointment of liquidators. The meetings of creditors will be convened for 4 November 2016 or earlier. Meeting notices setting out times and locations will be distributed to Home Australia’s creditors and customers at least seven days in advance of the meetings."
Information for customers and creditors will be uploaded to the McGrathNicol website here.