MILLIONS of dollars was funnelled out of the coffers of failed Victorian builder Watersun Homes and into entities related to its directors in the months before its collapse, liquidators believe.
Fairfax Media can also reveal that former Watersun display homes held in the name of a separate company are being sold off but liquidators are unsure if the profits can be claimed by homeowners and tradespeople hurt by the collapse.
The Victorian arm of Watersun Homes, WSH Group, left behind unpaid debts of around $20 million when it was placed into voluntary administration on February 28.
Now there are concerns that more than $3.6 million could have been recently withdrawn from its accounts.
An unfinished Watersun display home in Tarneit. The prope…
Read the full article at: http://www.bendigoadvertiser.com.au/story/4610067/millions-funnelled-out-of-the-accounts-of-failed-builder-watersun-homes-administrators-say/