Browse Forums Building A New House Re: COSMOPOLITIAN HOMES 2Nov 04, 2011 4:02 pm Ahh i nearly bought a house from them. Do you know what happened? They've been around a while. Building with Jandson Homes - Eclipse 18. http://adgnetworks.blogspot.com/ Re: COSMOPOLITIAN HOMES 3Nov 04, 2011 5:49 pm All I know is the building supervisors went to the sites this afternoon about 2.30 & closed the sites down & stated they were in liquidation. doesn't appear to be common knowledge as yet. The had a hell a lot of homes in construction Re: Cosmopolitan Homes - Liquidator appointed 6Nov 05, 2011 4:35 pm Just found this from their website: Company Announcement 4/11/11 After taking independent advice and considering all alternatives, it is with much regret that Perry Condoleon as (The Director) of the Company, has resolved to place Cosmopolitan Constructions into voluntary liquidation on the 4th of November 2011. In the Financial Year 2010/2011 Cosmopolitan Constructions operated a profitable Contract Home Building division in NSW, however the company has recently incurred significant margin erosion in its Projects division. During these difficult times, The Director acknowledges and deeply regrets that this situation will cause financial hardship and inconvenience to our staff, retail customers, corporate developers, suppliers and tradespeople. For your information, affected parties please note the following Appointment of Joint Liquidators Christopher Darin and Nick Malanos from Worrells have been appointed as joint liquidators. Representatives from Worrells will be in contact with affected parties shortly. Otherwise,contact the above noted individuals on (02) 9249 1200 re further enquiries. Staff Staff have been terminated with all wages and superannuation entitlements due paid to date. The balance of staff entitlements will be paid in due course by the liquidator, based on funds held, receivables recovered or through the government scheme (GEERS). The Director takes this opportunity to thank all our loyal staff for their energy, commitment and efforts. Suppliers, Trades & Other Creditors The Director is deeply regretful to all suppliers and tradespeople, who have been loyal, hard working and supportive of Cosmopolitan Constructions for many years. The Director will do his utmost to assist the Liquidator as requested to maximise payments to creditors. Clients with Homes Under Construction / About to Commence with Home Warranty Insurance The vast majority of clients with works in progress, and most with homes about to commence,should be covered by the home warranty insurance scheme. This is administered by S1CORP and should ensure the completion of your home or project. Notwithstanding, you are welcome to contact the liquidators for further information. Upon request, it is expected that the liquidators will be able to forward a file with all relevant client information within the fortnight. Clients with Accepted Tenders or Signed Contracts Where construction has not commenced and no home warranty insurance exists,to the extent that the intellectual property is Cosmopolitan Constructions, it will be assigned to clients to allow them to proceed with a builder of their choice. Once again, it is expected an information pack with relevant client information will SunshineT's Build: viewtopic.php?f=31&t=34585 Designs start: 4/12/09 DA: 5/7/11 Demo: 22/12/11 Slab: 24/2/12 Keys: 31/8/12 Re: Cosmopolitan Homes - Liquidator appointed 8Nov 05, 2011 9:22 pm SunshineT In the Financial Year 2010/2011 Cosmopolitan Constructions operated a profitable Contract Home Building division in NSW, however the company has recently incurred significant margin erosion in its Projects division. Can someone shed some light on the differences here, Contract division versus Projects division? One does commercial builds and the other does residential? My thoughts are with those affected by this closure, especially the staff and home owners. My Build Thread: Coral Homes Noosa 279 Cosmopolitan Homes - Liquidator appointed 9Nov 05, 2011 10:05 pm I could be way off here.. But I think contracts could be the standard, you buy some land and approach them to build on it.. While projects could be where they buy land and build on it to sell as a package.. I think this sort of thing relies on a quick turnover.. And the market has slowed down so much lately, some companies with too much stock end up in trouble. Again I could be wrong, but this is the impression I get with these things. Re: Cosmopolitan Homes - Liquidator appointed 11Nov 05, 2011 11:28 pm That's some bad luck. Cosmo still technically own the home and you'll probably have to wait it out and then go through the building warranty. Building with Jandson Homes - Eclipse 18. http://adgnetworks.blogspot.com/ Cosmopolitan Homes - Liquidator appointed 12Nov 06, 2011 5:49 am zozo Fark!!!!!!!!! 2 weeks ago our handover date was shifted by a week, from 3 Nov to the 11Nov. Supposed to get keys on Thursday. I feel sick. Zozo, I was lucky enough to have finished building with Cosmo this time last year so all we have missed out on is some minor issues that we had them booked in for fixing up. My advice to you is go down to your house with a locksmith, & change the locks! This will prevent unpaid contractors from entering the place and ripping out things they have not been paid for. Also ask your neighbours there to keep an eye out on your place and call you the moment anyone looks like trying to get in. It is common for this to happen when building companies go bust. This is exactly what our neighbour has done Saturday afternoon on advice from his barrister. On Monday ring the liquidator and the company that they had your insurance with. QBE maybe? And get your name on the list letting them know your situation. Good luck. Built an Aquarius 32 by Cosmopolitan Homes in Sydney Re: Cosmopolitan Homes - Liquidator appointed 13Nov 06, 2011 6:41 am Such bad luck for people building with Cosmo. When we were looking into building we loved Cosmo as they have some gorgeous designs, especially the one in the bushland setting (forgotten name). (Too bad they didn't want to know about us with our Custom design, but seeing what has happened now that was lucky). We almost signed with Westminster (after 3 tenders) who went into proper liquidation a few weeks ago (worse than Cosmo which is still only voluntary liquidation - voluntary liquidation is where the company elects to bring in the liquidators, which is what Westminster did several years ago, but now they are really bust up). The insurance companies for Westminster are Vero and QBE. In terms of insurance for Cosmo, like adgn posted I think this might only kick in if they are wound up properly (like Westminster is now), but maybe not just for voluntary liquidation. Voluntary is where they try to trade out with supervision - I think. fisser's advice was very sensible. so sorry to hear about this. what is happening to all these building companies...??? SunshineT's Build: viewtopic.php?f=31&t=34585 Designs start: 4/12/09 DA: 5/7/11 Demo: 22/12/11 Slab: 24/2/12 Keys: 31/8/12 Re: Cosmopolitan Homes - Liquidator appointed 14Nov 06, 2011 10:10 am Seems the builder went belly up cos they spent too much money on house and land packages while us block and builders financed them. there are at least 15 of the former properties being built in the estate that seem to be taking longer than usual to be completed. One of the townhouse sites had just had the slab laid and pipes sticking out and it has been smashed to pieces. God I hope we are not next. Land at Chermside At tender stage Re: Cosmopolitan Homes - Liquidator appointed 15Nov 06, 2011 10:55 am I was thinking of using Cosmopolitan. Given that my house finished in December last year, it would not have been an issue if I did. However, it makes you take note of how precarious the whole building game is. Demolition August 2009, Construction Started September 2009, Completed December 2010 Re: Cosmopolitan Homes - Liquidator appointed 16Nov 06, 2011 6:30 pm Casa2 However, it makes you take note of how precarious the whole building game is. Not really, the writing has been on the wall since the GFC. If builders persist in pouring money into the property development side of their business, its the risk they take. Re: Cosmopolitan Homes - Liquidator appointed 17Nov 06, 2011 6:33 pm I am total shock. I was booked for Practical completion this week. Can someone tell me how much time this will add to my build now?? AC units are not in, ovens are not in, gas heating is not in. Otherwise, we were all good.. Re: Cosmopolitan Homes - Liquidator appointed 18Nov 06, 2011 6:57 pm tintin I am total shock. I was booked for Practical completion this week. Can someone tell me how much time this will add to my build now?? AC units are not in, ovens are not in, gas heating is not in. Otherwise, we were all good.. All unknown. You're in a rather bad spot as potentially this can take at least few months to sort out. Building with Jandson Homes - Eclipse 18. http://adgnetworks.blogspot.com/ Cosmopolitan Homes - Liquidator appointed 19Nov 06, 2011 7:09 pm tintin I am total shock. I was booked for Practical completion this week. Can someone tell me how much time this will add to my build now?? AC units are not in, ovens are not in, gas heating is not in. Otherwise, we were all good.. I just spoke with the fella that I mentioned in my last post. He was told that Cosmo is no more. The site supervisors were called about 2.30pm Friday and told to return to the office and hand back your cars, keys and mobiles etc. they have disconnected all mobile phones and the main office phone is disconnected too. If your half built call the liquidators on Christopher Darin and Nick Malanos from Worrells (02) 9249 1200 and also call QBE insurance on 1300 650 502 on Monday and get on that list. fingers crossed that they get your places sorted early but I would think that it might take some time to sort out this mess. Cheers, Adrian Built an Aquarius 32 by Cosmopolitan Homes in Sydney Cosmopolitan Homes - Liquidator appointed 20Nov 06, 2011 7:21 pm Sorry for all the posts but just saw this on the NSW fair trading web site. Should be of help for some people. http://www.fairtrading.nsw.gov.au/About_us/News_and_events/Whats_new/Cosmopolitan_constructions.html?DCSext.ref=HomePageClick:Whats_new Cheers Built an Aquarius 32 by Cosmopolitan Homes in Sydney Ask for references and speak to them. If they are defensive or try to avoid the request, walk. 1 74219 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 105129 Hi there! Putting the feelers out there for those who have (or almost) built with Arli homes! Interested in your experiences who've built from their stock home designs… 0 23198 |