The founder of one of Australia’s largest home builders pumped $20m into the business before it collapsed as the CBA is revealed to be owed almost $33m.
Chris Herde and Ben Wilmot 2 min read April 20, 2023 - 10:04AM
The Australian Business Network
Business
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The founder of Porter Davis Homes Group, which collapsed in March, pumped more than $20m of his own money into the company before it became Australia’s largest construction company failure in 2023.
A report filed by liquidators Grant Thornton to the Australian Securities & Investments Commission listed 10 secured creditors, including the Commonwealth Bank of Australia, Flexiommercial Pty Ltd, The Australian Steel Company and Chesapeake Holdings, run by PDH founder Anthony Roberts and linked to his thoroughbred breeding business.
The report said the total amount owed to the CBA, across all entities in the group, was $32,939,409. However, the amounts owed by other secured creditors was not revealed but it is believed the final figure could reach $100m.
There are concerns that secured creditors like the CBA could get paid out while small unsecured creditors miss out.
Subbies United managing director John Goddard said that the bank was secured and would get paid.
“Subbies are not secured, they won’t get paid. Subbies never do,” he said.
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