More than 150 unsecured creditors of former senator Bob Day’s failed building company in South Australia will not be paid the money they are owed .
These 157 unsecured creditors are owed a total of $4.9 million by Homestead Homes and include tradesmen and subcontractors as well as customers who have paid deposits to build homes.
“It owes people in this room and people that might not be here today about $4.9 million,” liquidator Matthew Caddy told a creditors meeting in Adelaide on Friday.
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“It is almost certain that there will be no money available for insecure creditors.
“It will essentially be a bad debt.”
Mr Caddy said the building group Home Australia lost about $12 million in the final three years b…
Read the full article at: http://www.sbs.com.au/news/article/2016/11/04/days-south-australian-unsecured-creditors-lose-49-million