Freelife Homes and Visionaire Homes: Administrators appointed
8 May 2015: Deloitte Restructuring Services partners Jason Tracy and Gary Doran have been appointed Joint Voluntary Administrators of Capital Works Constructions Pty Ltd and Capital Construction Hire Pty Ltd effective 7 May 2015.
Trading as Freelife Homes and Visionaire Homes, Capital Works Constructions Pty Ltd is a Perth-based project home builder specialising in the first home buyer and investor market. Capital Construction Hire Pty Ltd is a labour company which principally provides contract labour to Capital Works Constructions Pty Ltd.
The Group operates from Osborne Park in Perth and employs approximately 24 people.
Freelife Homes is currently building homes for approximately 229 customers. Construction of homes for a further 84 customers is yet to commence. The majority of homes are located across metropolitan Perth.
Joint Voluntary Administrator Jason Tracy said: “Our review of the Group’s financial position is at a very early stage.
“We appreciate this is a difficult and uncertain time, particularly for customers and employees, and we have already begun the process of contacting customers, creditors, insurers and other stakeholders to advise them of the situation.
“One of our immediate priorities will be understand the impact on customers and communicate developments to them as soon as possible.
“We understand the Group had been trying to restructure and achieve a sale of its existing work in progress, pipeline works and intellectual property. However a voluntary administration was considered necessary given the financial position of the Group.
“Our focus will be on trying to secure in conjunction with the insurer the completion of customer homes and maximise the value of the Group’s pipeline works and intellectual property by working closely with existing stakeholders so that we can achieve the best outcome for all parties.”
Customer and creditor queries
- Web: In the first instance, visit http://www2.deloitte.com/au/freelife-homes where updates will be provided
- Email: Where these updates don’t answer specific questions, email email@example.com
- Phone: A dedicated hotline has also been established – (08) 9365 7045
Mr Tracy said the Administrators expected a high volume of enquiries and it may take time to respond to some of them.
“We are committed to communicating with all stakeholders as quickly as possible, but do ask for patience, particularly in these early days of our appointment,” he said.
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