Liquidators of the collapsed builder say unsecured creditors owed more than $71m are unlikely to be paid, but the Commonwealth Bank will.
Ben Wilmot Follow 2 min read June 15, 2023 - 11:13AM
The Australian Business Network
Business
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The liquidators of collapsed builder Porter Davis Homes Group say that unsecured creditors owed more than $71m are unlikely to be paid, but the Commonwealth Bank will likely be paid almost $33m it is owed.
The findings mean that subbbies that were hit by the company failure will be left empty-handed and not all customers will be covered as most of the funds in the $147.2m collapse are not likely not be recovered.
The Melbourne-based home builder fell into the hands of liquidators Grant Thornton in March leaving about 1700 projects in limbo in Victoria and Queensland, with another 779 contracts signed.
Staff owed about $18.09m will receive a partial dividend, but unsecured creditors like subbies who are owed about $71.55m are not likely to be paid.
SU: As always, subbies carry the bag for the industry.
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