Heard this on the news last night.
http://www.abc.net.au/news/stories/2009 ... ion=justin
Browse Forums Building A New House 1 Feb 10, 2009 10:08 am Re: Three more builders go bust..... 2Feb 10, 2009 10:13 am Oh yikes! Makes me wonder how to judge a firm's viability? No one will say they're goin down .. A small builder might not have a lot of work but then might not have a lot of debt .. flip side ..a larger builder might have too many projects to fund etc .. --- I don't have a signature - just this sentence saying that I don't have one - that'll do! Re: Three more builders go bust..... 3Feb 10, 2009 11:10 am Does this make anyone nervous?? I know they are smaller builders (have heard of Kingstone before) and I am going to be building with a large builder but all the same at the end of the day does that mean anything these days? Re: Three more builders go bust..... 4Feb 10, 2009 12:28 pm Iconique is who SuH was building with (previously David Reid Homes Newcastle) whilst Kingstone Homes were mainly based on the Central Coast. Stunning home plans however massive prices. They did have two displays up here in Newcastle - one in Nikkinba and one in Fern Bay. Mainly dealt with split level designs for sloping blocks. Some things are worth waiting for. 3 more NSW Home builders going bust 5Feb 10, 2009 10:34 pm Another three building companies have just collapsed in New South Wales, owing trade suppliers hundreds of thousands of dollars and leaving about 40 people with unfinished homes.
NSW central coast company Kingstone Homes and Newcastle firm Iconique Designer Homes have been placed in liquidation, while the owner of Pacific Blue Homes has walked away from his Armidale business. The companies have gone bust after the collapses of Beechwood Homes last May and Wincrest Homes last month. The liquidator of Iconique, James Shaw, says the company was crippled with debt. "There's the argument that they probably should have done something earlier because in this particular case, I think the local creditors, the trade suppliers, are owed in excess of $900,000," he said. A client of Kingstone Homes, Bryce Conrad, says he was left in the dark about that company's financial problems. He says he only discovered Kingstone was in financial trouble when he did his own research after it asked for advance payments a week ago. "It was clear that they weren't finished that stage [of building] and they asked for us to transfer some money, actually asked for a cheque and if they could pick it up themselves or if we could drive it across," he said. "That's quite bizarre. We said we could do a direct deposit if needed but they said, 'Oh, we changed our bank details,' so the flags went up." http://www.abc.net.au/news/stories/2009 ... =australia Re: Three more builders go bust..... 6Feb 17, 2009 9:13 pm Yeah bit of a shames with these guys going down, pretty hard to say "Why" as there could be many of things to cause this...
Few I have seen that they seem to pay all there trades, an not there accounts.. or vise versa! as well as way to many overheads, bad management.. not saying this is what has cause these guys to fall, as there is quite a lot of endless possibility's.. I'm thinking of starting my own Building Company here in Newcastle, an move away from my Sold Trader.. Would like it to be small to an extent, don't want to grow to big.. but have access to all trades at the same time, as my close friends are all trade qualified in different aspects of the building industry.. but at this point of time, I'm holding off, it's pretty dead quite here in Newcastle for work at the moment an with everyone going down, makes you think twice about things.. I would never build with Fowler homes. I built with them in 2021 and till date maintenance issues are pending. All their existing trades and businesses don't work with… 14 105564 I would be wary. Is you site demilished but nothing else done? Sounds like liquidity problems to me. Our builder did the same. Got hundreds of thousands of dollars of… 2 15401 Can someone please offer some advice? Im DESPERATE. Because I'm completely and utterly exhausted. How long are variations taking with other companies at the moment? We… 0 18470 |