More than 150 unsecured creditors of former senator Bob Day’s failed building company in South Australia will not be paid the millions of dollars they are owed.
These 157 creditors are owed $4.9 million by Homestead Homes and they include subcontractors as well as customers who paid deposits on homes that remain unfinished.
“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.
“It is almost certain that there will be no money available for insecure creditors. It will essentially be a bad debt.”
Mr Day owned the failed building group Home Australia, which had individual businesses in SA, NSW, Victoria, WA and Quee…
Read the full article at: http://www.sbs.com.au/news/article/2016/11/04/days-unsecured-sa-creditors-lose-49m