Up to 130 WA homeowners should seek legal advice before making progress payments for work on houses being built by distressed builder BuiltonCorp, QBE Insurance has warned.
The insurer said it would cover homeowners who had a contract with BuiltonCorp who had been issued with a certificate of insurance for residential building works by QBE.
BuiltonCorp, which trades as Aspireon Homes, BuiltonCorp, Platinum Homes and Multi Living by Design, called external administrators last week after revealing it owed about 350 unsecured creditors $16 million.
When added to secured debts of $14 million, BuiltonCorp companies under administration owed an estimated $30 million.
These companies were not in a position to keep trad…
Read the full article at: https://thewest.com.au/business/commercial-property/insurers-warning-for-builton-homeowners-ng-b88368972z