Liquidators appointed to take over collapsed Victorian home builder Porter Davis have warned some customers who had paid a deposit, but not had received permits, have been left uninsured.
abc.net.au/news/home-builder-porter-davis-collapse-liquidators-insurance/102184608Liquidators appointed to take over collapsed Victorian home builder Porter Davis have warned some customers who had paid a deposit, but not had works begin, have been left uninsured.The liquidator says there are several building companies interested in buying the collapsed Victorian construction company
Porter Davis announced it had gone into liquidation last week, with an estimated 1,700 unfinished homes initially reported to be caught up in the collapse. Today liquidator Grant Thornton said it believed the number of affected projects was 1,500. Speaking to a packed online meeting, liquidators told hundreds of disgruntled customers they were in talks with several builders who had expressed interest in taking over Porter Davis, with an outcome expected to be known by next week.
"[For these people] it's extreme. It means you do not have any insurance cover and it means the deposit you have paid has been lost."He said Grant Thornton was working with the Victorian Managed Insurance Authority and the Queensland Building and Construction Commission for alternative solutions. He said the liquidator's focus would be on finding an efficient solution for the 240 homes that were in the final stages of completion.
"[I want to acknowledge] how incredibly frustrating it must be for customers and how emotionally charged it would be."Meanwhile, customers considering terminating their contract and changing builders were warned of price hikes on contracts across the industry.
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