There was news today of a builder getting into financial trouble reportedly due to an administrative error - not sending out 290 invoices. What really got my attention in the article were these numbers:
Quote:
Many in the sector have fallen by the wayside as banks get tough, creditors delay paying bills and the softening housing market crunches margins in the sector.
All of this has translated into 36 companies in the residential construction sector entering voluntary administration in the past two weeks. Twenty-two are in NSW, three in Victoria and 11 from Queensland.
All of this has translated into 36 companies in the residential construction sector entering voluntary administration in the past two weeks. Twenty-two are in NSW, three in Victoria and 11 from Queensland.
We are getting very close to putting down serious money to start our new house build. Can anyone say what independant checks we might be able to make into the financial health of our chosen builder? In our case it's a QLD based company.
Thanks