While there are some signs that home builders are through the worst of the crunch, many remain vulnerable.
Melbourne-based Dome Building Projects, which did high-end home building and renovation work for customers in Melbourne’s leafy inner-eastern suburbs, went into liquidation on Friday after falling short on payment demands to a former director.
Dome Building Projects last year completed this luxury home in Erica Avenue, Glen Iris, designed by Pandolfini Architects.Company records show that in November Mr Wilcox, who had stepped down as a director in August last year, lent an entity linked to Mr Crellin $6.5 million – secured against the company’s assets – to allow Mr Crellin to purchase Mr Wilcox’s two shares in the company.
“Due to the extraordinary financial hardship builders have endured over the last 12 months we have been unable to meet our annual obligation to the former director in full for this year,” the“We have been attempting to negotiate revised payment terms that would still allow full payment to him in a manner that would also allow the Dome business to survive. However, the revised payment terms have not been accepted and ultimately negotiations have failed.
Veteran developer Nigel Satterley told The Australian Financial Review Property Summit last month thatEarlier this month ASX-listed and family-run home builder Simonds Group said it hadThe collapse of Dome, which started in 2002 renovating Melbourne terrace homes and then focussed on high-end residential projects is the latest in a surge of construction-industry insolvencies that as of last week numbered 783 – nearly one-third of all corporate failures in the year to date.
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