A whopping 401 creditors are unlikely to receive a cent of their lost money from a collapsed building firm unless the liquidator can find a “pot of gold” buried among the company’s limited assets.
In January, melbourne-based residential builder Hallbury Homes went into voluntary administration.
The firm owed between $8 million and $12 million to hundreds of creditors, including 62 homeowners with projects at various stages of completion.
Last week, at a creditor’s meeting for Hallbury Homes, which also traded as Hallbuild Pty Ltd, the company was wound up in liquidation.
Appointed liquidator Michael Caspaney from insolvency firm Menzies Advisory, who was previously the appointed administrator, said the builder was bleeding money in the months leading up to its demise.
“In the last 18 months, it appears that they lost between two and $3 million,” Mr Caspaney told news.com.au.
“When you’re losing money like that, I reckon they were insolvent during the 2022 calendar year, probably early on.”
According to a report lodged with ASIC on February 2, Hallbury Homes was “most likely” insolvent for the “whole” year of 2022.
The implosion of Hallbury Homes has left behind 62 devastated customers building residential…
