Several major firms have gone bankrupt, including Probuild, Condev, Privium Homes, Pivotal Homes and Oracle. In addition to his construction business, Paul Lanskey is a horse breeder, The Australian reported. Cleveland-based Solido Builders, which specialized in custom luxury homes, also went into liquidation. The founder of Solido, John Hattink, said that rising labor and material costs were affecting all builders.
This involves the participation of banks, pre-insolvency advisors and liquidators appointed by builders to fraudulently defeat creditors. It's not just about builders going broke, but companies across Australia liquidate every day for a variety of reasons. Russ Stephens, co-founder of the Professional Builders Association, told The Australian that the fact that Pivotal Homes and Solido had committed to paying all subcontractors in full showed that they had decided to “fall for the sword” with the calculated calculation that companies could not continue viably in today's market. Customers Raf and Annie Solomon bought a house south of Brisbane eight years ago and tore it down to build a new four-bedroom home.
The managers will work closely with applicable regulators in Queensland, New South Wales and Victoria to ensure that people receive assistance and, if appropriate, that an alternative builder completes their properties.
