Sunshine Coast building company Pivotal Homes goes into liquidation

One of Queensland’s biggest home builders is in liquidation, leaving the future uncertain for more than 200 new home builds and 16 staff. 2 min read May 26, 2022 - 5:40PM

One of Queensland’s biggest home builders has gone into liquidation, leaving the future uncertain for more than 200 new home builds in the state’s south-east.

Sunshine Coast building company Pivotal Homes, once a sponsor of the Gold Coast Titans, went into liquidation late on Thursday.

Managing director Michael Irwin said rising labour and construction costs had strangled the business.

“In my 30 years’ experience I have never seen a set of circumstances like this and obviously we are not alone in these unfortunate conditions facing the industry,” he told the Courier Mail.

“We are absolutely devastated for our 16 Pivotal Homes employees and assure all creditors, contractors and subcontractors have been paid in full.

“All purchasers are in a net gain position, meaning the work they have paid for has been completed. In fact, they have had more work completed on their homes than they have paid for.”

Derek Cronin of Cronin Miller Litigation, who was speaking on behalf of Pivotal Homes, said liquidation was the only option left for the company after hitting dire straits.

“The decision for Pivotal Homes to go into liquidation has been based on forward projections dictated by the increasingly challenging market conditions, including the exponential rise in material costs,” he said.

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