Browse Forums Building A New House 1 Jan 29, 2009 7:25 pm The following was reported on ABC news this evening: "The directors of building company Wincrest Homes have announced the company is going into voluntary administration. Wincrest has about 100 homes under construction, mainly in New South Wales, and owes creditors and contractors around $4 million. Administrator Bruce Gleeson says he will meet the company's banker to discuss Wincrest's financial position and continued operation." They also claimed that St George Bank was owed $8 million. JNR - Once bitten, twice shy. Re: Wincrest Homes in Adminstration 3Jan 29, 2009 7:52 pm Wow .....talk about timing. We had recently received our tender and were seriously considering a Wincrest home. Its a good thing we havent paid our commencment fee yet
I will be watching this one with great interest. Re: Wincrest Homes in Adminstration 5Jan 29, 2009 8:14 pm oh no Judie Maybe have a look at the Marshall Baker threads, there is some very good advice given by photogirl and others re your options...
sanderling looks like lucky timing for you Re: Wincrest Homes in Adminstration 6Jan 29, 2009 8:15 pm It now seems up to the bank. They may decide to fund continued operations or potentially take an $8 million haircut.
Sorry to hear about your situation. It will be interesting to see what the State Government has to say, if they actually notice. JNR - Once bitten, twice shy. Re: Wincrest Homes in Adminstration 7Jan 29, 2009 8:19 pm Oh Judie I'm so sorry for you.
I hope things work out for you - don't know much about these situations but do know it's heartbreaking for those customers left in the lurch. Bel Still not in. Don't ask!? Re: Wincrest Homes in Adminstration 8Jan 29, 2009 8:25 pm Oh no.........oh judie, so sorry to hear that you're caught up in this mess. Yes photogirl had great advice - hope it helps you. Will keep everything crossed for you, that this horrible situation is fixed somehow quickly. Built the Eden Brae Cambridge 34 Family with Boston Corner Facade Re: Wincrest Homes in Adminstration 9Jan 29, 2009 9:34 pm Oh Judie & Loretta (I know she's building with them too) I'm very sorry to hear the news. Re: Wincrest Homes in Adminstration 10Jan 30, 2009 4:49 am Yep, it's happened to us as well, we are at brick stage with Wincrest, builders have packed up and left the site...still waiting on some word from Wincrest.No one has contacted us and they cannot be reached.
Devestated Suesie Re: Wincrest Homes in Adminstration 11Jan 30, 2009 5:10 am I think the state government needs to do something about this quickly. Otherwise other potential home owners will be scared away from building.
I'm really sorry & shocked to hear about this Judie, Suesie & Loretta - this is really sad news. Hopefully the receiver will appoint a builder to continue the work We are loving living in our new home ! https://forum.homeone.com.au/viewtopic.p ... &start=315 Re: Wincrest Homes in Adminstration 12Jan 30, 2009 5:46 am Oh no Judie Keep us updated about what's happening After 4 years - we're in! Re: Wincrest Homes in Adminstration 13Jan 30, 2009 6:36 am Rikster I think the state government needs to do something about this quickly. Otherwise other potential home owners will be scared away from building. My husband and I went to tender with Wincrest and turned it down a month before deciding to go with Masterton. We are just about to go into council with Masterton and I have to tell you I'm a bit hesitant now..... BUT if everyone decides against building there goes the entire industry right?? Re: Wincrest Homes in Adminstration 14Jan 30, 2009 6:36 am l use to work in an insolvency team at an insurance so l know a bit of how 'insolvency' works. Now given they are in Voluntary Administration, its not all bad, liquidation you would be worried about, cause thats usually followed by shutting the business down, but VA, the administrator will review their current situation, and work out if its worth 'trading on'. And in some cases businesses actually benefit from being in administrator cause they get out the other end stronger then before. So companies can get out of trouble with the help of the administrator.
In appointments like this, given there are a lot of unfinished sites, the administrator will try and do everything they can to trade on, BUT it depends how bad Wincrest has let this get, cause if its at a pt where trading on will only make it worst, more debt, they will haveno choice then to close it BUT its the administrators job to clear the debts, the best way to do that is to trade on and get money, in this case, complete houses! Now the other issue with a construction type of appointment is insurance, a lot of times insurance companies will have insolvency Clauses, makes it hard to find insurance for a construction that is half built BUT over the years l worked in insolvency insurance, some cover was usually found. The insolvency practitioner is Jones Partners, here is a link that explains 'administration' a bit better. http://www.jonespartners.net.au/OurServ ... fault.aspx I know its hard for those effected, the best advice, be patient, usually within the first few weeks the administrators will have established which direction they will head, keep checking the companies and administrators site for updates With the current market its predicted a few companies will get into trouble this year, Midas, Stratfield and ABC are three very well known companies who have already hit trouble now insolvent! Re: Wincrest Homes in Adminstration 16Jan 30, 2009 9:12 am The news brought a sick feeling to my stomach. I hope it works out for everybody affected.
I went through this last year with Beechwood and nearly went with Wincrest after Beechwood but finally settling on another builder. Wincrests web site claims they are renowned in the industry as an excellent debtor. My build finally started this week and I hope it all goes smoothly but I am very nervous now. Re: Wincrest Homes in Adminstration 17Jan 30, 2009 9:19 am Hi,
I'm new to this forum but found it when looking for news about Wincrest on the web this morning. The land was just about to levelled on our plot this week....just feel gutted now. I've actually managed to contact Wincrest this morning and to be fair they have been returning phone calls so they're trying to be as helpful as they can be. Also as they said to me, the situation is Voluntary Administration not insolvency so at the moment I'm just trying to remain as positive as I can. They advised anyone affected to register with the Administrators and also the Office of Fair Trading which I've done this morning...now its a waiting game. Re: Wincrest Homes in Adminstration 18Jan 30, 2009 9:33 am It's been a while since I logged in here, but when I heard the news this morning.......we have several unfinished Wincrest homes around us - I am so sorry for all of you who are directly impacted by this - the building experience is a hellish nightmare as it is without this truckload of stress to deal with. I am just so thankful that we have finished.
best wishes to you all Built a Clarendon 'Balmain' 2008 Re: Wincrest Homes in Adminstration 19Jan 30, 2009 6:14 pm how awfully for everyone and that had been around for a while, We look at building a home with them about 10 years ago.I wish very one involved the very best and hope it all works out for them.You also have to feel sorry for contractors too who have not been payed. My husband is a ex bricklayer who worked for builder many years ago that been busted, we never got paid we still had to find the money to paid our workers too.its a on going cycle with supplyers too.I do wish it can be workered out for you all finished building 40 square home on 5 acres with perry homes.working on the landscaping just finished pool deck with ://forum.homeone.com.au/viewtopic.php?f=31&t=2217 Wincest in Liquidation 20Jan 30, 2009 6:21 pm I think we should be very careful how Wincrest's demise is described... according to reports they have applied for voluntary administration not gone into Liquidaton... I believe there is a difference and we need to be careful... title should be changed guys Trust in the Universe 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 109707 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 26677 |