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‘String of bankruptcies’ likely to follow after Watersun Homes hit the wall – Bendigo Advertiser

The money owed to Alma and Merso Halilagic by bankrupt builder Watersun Homes could have bought the couple a new Porsche Boxster.

But they don’t have the luxury of being able to turn their backs on the $155,000 debt.

“We have to pay for our materials,” said Mrs Halilagic who, with her husband, runs a rendering business based in Sydenham.

“We have people working for us that we have to pay every week.

“I can’t tell them that ‘we can’t pay you because other people have gone bankrupt’.”

Close to 1000 creditors now claim to be owed up to $30 million by businesses associated with Watersun.

It comes after a second collapse that saw Watersun Construction, the commercial arm of the Victorian home builder, recently placed into administration o…

Read the full article at: http://www.bendigoadvertiser.com.au/story/4659752/string-of-bankruptcies-likely-to-follow-after-watersun-homes-hit-the-wall/?cs=4060

Category: BankruptcyBy Insolvency Advisory AccountantsJune 3, 2017

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‘String of bankruptcies’ likely to follow after Watersun Homes hit the wall – Bendigo Advertiser

The money owed to Alma and Merso Halilagic by bankrupt builder Watersun Homes could have bought the couple a new Porsche Boxster.

But they don’t have the luxury of being able to turn their backs on the $155,000 debt.

“We have to pay for our materials,” said Mrs Halilagic who, with her husband, runs a rendering business based in Sydenham.

“We have people working for us that we have to pay every week.

“I can’t tell them that ‘we can’t pay you because other people have gone bankrupt’.”

Close to 1000 creditors now claim to be owed up to $30 million by businesses associated with Watersun.

It comes after a second collapse that saw Watersun Construction, the commercial arm of the Victorian home builder, recently placed into administration o…

Read the full article at: http://www.bendigoadvertiser.com.au/story/4659752/string-of-bankruptcies-likely-to-follow-after-watersun-homes-hit-the-wall/?cs=7

Category: BankruptcyBy Insolvency Advisory AccountantsMay 15, 2017

Post navigation

PreviousPrevious post:DAP motion to withdraw bankruptcy allegations against Ting thrown out – The Star OnlineNextNext post:Debt Panel helps ease personal debt stigma – The National

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Australia AGD Moves to Reform Bankruptcy Law – Regulation Asia
July 17, 2024
Case note | Director's personal liability for insolvent trading – Lander & Rogers
July 17, 2024
Law reform to lift stigma from bankruptcy, deliver fairer system – The Mandarin
July 17, 2024
How the new $20,000 personal bankruptcy threshold could affect SME directors – SmartCompany
July 17, 2024
Australia AGD Moves to Reform Bankruptcy Law – Regulation Asia
July 17, 2024
Case note | Director's personal liability for insolvent trading – Lander & Rogers
July 17, 2024
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