Oracle Building Corporation into Liquidation

Another one...

https://www.news.com.au/finance/busines ... 48f1079be2

"On Wednesday morning, Queensland residential builder Oracle Building Corporation Pty Ltd went into liquidation."

"Oracle Building Corporation trades under a number of names including Oracle Platinum Homes which is understood to have hundreds of homes in the pipeline to be built."

"The building firm appear to have had money troubles for some time after reports emerged earlier this year that they were asking customers for more money to complete construction works." (e.g. viewtopic.php?f=31&t=103482 )

whoever survives this reckoning and works out the new secret sauce recipe is going to be a billionaire

New/updated article - dunno why they cant just update the original story... more clicks I guess.

https://www.news.com.au/finance/busines ... fb3499275e

"In a statement to news.com.au, liquidators revealed that the company’s demise has left 70 staff and 200 suppliers and subcontractors out in the cold, as well as 300 homes that were in the pipeline to be completed."

"Staff claim they were blindsided when they received a call informing them the construction firm had gone bust while homeowners are now faced with rising build costs to complete their homes."

It has been reported in the media that more than 50 % if the builders are now trading whilst insolvent. The chances of them trading out under current economic/supply/cost conditions are negligible.

This means that many more builders will follow Oracle into liquidation, it's not if but when.
It is mathematically impossible to survive on fixed price contracts when there are substantial price rises for labour and material without chipping in equity.

It's a losing game and the builders fell for it, signing up as many jobs as they can without looking beyond tomorrow and looking at the big picture of what was happening due to covid disruptions.

The builders will walk away and start again but the worst hit will be owners, suppliers and stubbies so if you are one of those start prepping for disaster, do what you can to minimise damage to you.

Just last week I assisted a lady with pre contract review and the builder rejected statutory progress payments schedule in inserted own in which builder is to be paid 50% of the contract sum by framing stage. I advised against it but she wanted to build and did not feel she had other options.

If you are a stubbie or supplier and you are owed, pull out now before you drown.

You only hear about the big builders, smaller ones are folding everyday.
As soon as there's a whisper on social media, It's stop credit, down tools.... it's all over
unfortunately, the home owners are none the wiser as the builders still pretend to be operational while MIA?

Hi All,
Does anyone know how long it generally takes for an iCare HBCF insurance claim to be completed?
I'm a victim of Oracle solvency, and have already completed and submitted the claim form, but have no idea what's next and what sort of timeframe I should be expecting for my claim to be processed.

Hi,
My builder has gone into liquidation just after handover but with lots of work incomplete. We have lodged a claim with hbc but haven't heard anything back. I was hoping if you don't mind sharing how long was the process .

any updates on icare claims?

Can you share your insight/experiences on how Icare claims work?
It appears there's not a lot of information out there.
I’ve spoken with Icare and they were not helpful at all. They gave me confusing responses and unable to get direct and clear information from them. I’ve spoken with builders, and specialist who have dealt with Icare with their previous clients but they all had different experiences and payouts.
Im going through a really bad time with my current builder and looking for options and answers.