Collapsed home builder Porter Davis drastically slashed prices of new homes – some by $50,000 – until the day it went into liquidation, luring in buyers who are unlikely to get their money back
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“If you’ve made a payment via credit card, you could seek a charge-back from your bank,” she said. “If you’ve paid by direct transfer or cash upfront, unfortunately you’re considered a creditor as part of an insolvent business.” Liquidator Grant Thornton will hold an online meeting for customers and creditors on Tuesday at 10am. Partner Matt Burns said he would be looking at whether the company traded while insolvent.
“We know, and acknowledge, that this is a really tough time for those people who’ve got a house that hasn’t been finished or indeed some that haven’t even started,” he said. Tonkin said those affected should check if any insurance policy may apply to their situation and seek legal help. However, she warned that the likelihood of having deposits returned was small because each customer would be one of many creditors.
“But for the lack of political will, many fine subcontracting firms would not be exposed to the kind of financial stress that they are subjected to,” he said.
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