One of states biggest residential construction firms, Builton, has succumbed to the financial stresses engulfing the sector, appointing external administrators earlier today after reports of the companys financial troubles emerged last week.
Cor Cordis partners Dino Travaglini and Jeremy Nipps were named as administrators to Builton‘s parent Builtoncorp Pty Ltd, as well as four other entities. Both were appointed in similar roles in September to Quattro Homes, a boutique builder with 10 employees.
About 110 homeowners have been affected according to Cor Cordis, with creditors owed an estimated $8 million. It had around 90 employees, more than is typical for the number of starts estimated.
The collapse of Builton was expected after news of …
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