The business entity controlled by collapsed builder Modco Residential‘s co-founder has fallen into liquidation.
Ms Lu Holdings – an entity solely controlled by Modco co-founder Cynthia Lu – was placed into the hands of liquidator Mathieu Tribut from Mackay Goodwin this afternoon.
Ms Lu held a stake in Modco Residential alongside her partner Yusuf Khan, who together founded the company in 2020 with the promise of building 20 homes per week.
But in August, the Federal Court ruled to wind up Modco after an unpaid creditor launched legal action, months after the company had called in administrators.
At that time, it was estimated the builder left a wake of 29 unfished homes around perth, later revised to 18, and a growing list of disgruntled customers.
The company cited “unforeseen external challenges ranging from unprecedented industry challenges” as reasons for calling in administrators at the time.
A total of 37 creditors were left $4.4 million out of pocket by the builder’s collapse.
In March, liquidators were also appointed to Perth City Enterprises- controlled by Mr Khan – which was the business that ran the Library Nightclub in Northbridge.
Ms Lu is not part of the ownership structure of Perth City…
