Freelife Homes, Visionaire Homes: Voluntary Administrators’ update

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Freelife Homes, Visionaire Homes

Voluntary Administrators’ update

20 May 2015: Following the appointment of Deloitte Restructuring Services partners Jason Tracy and Gary Doran as Voluntary Administrators of project home builder Capital Works Constructions Pty Ltd and Capital Construction Hire Pty Ltd on 7 May 2015, the first meeting of creditors was held in Perth yesterday afternoon.

The Group trades as Freelife Homes and Visionaire Homes.

Speaking after the meeting, Jason Tracy said: “Liaising with customers, creditors, including sub-contractors, home indemnity insurer QBE, the Building Commission and other stakeholders has been a key priority since our appointment.

“Recognising the uncertainty facing many customers, we also held a meeting on Friday for those with properties under and yet to commence construction, to provide a face-to-face update on issues relating to their homes. This session also included QBE, who outlined the home indemnity insurance process.

“The main purpose of the meeting yesterday was to provide all creditors with an update on the administration to date, in what remains the early stages of our review of the Group’s financial position.

“Following an analysis of the Group’s business at our appointment, the decision was made to cease trading immediately. All 24 employees were made redundant as a result, and are now priority creditors in terms of outstanding entitlements. They have also been provided information to allow them to lodge a claim with the Federal Government’s Fair Entitlements Guarantee scheme.

“We have sought expressions of interest regarding the sale of the Group’s existing work in progress, pipeline works and intellectual property, and are now in discussions with a number of parties to evaluate the capability and capacity to deliver on the works.

“Our investigations into the Group’s financial position and activities prior to our appointment are also ongoing and we will report back in detail at the second meeting of creditors on 12 June.”

Updates and information for customers and creditors continue to be provided via:

Media Contact

Warrick Hazeldine / Casey Hockey

Cannings Purple (Perth)
T: +61 8 6314 6300
M: +61 417 944 616 / +61 433 922 575

Simon Rushton

Deloitte Corporate Affairs & Communications (Sydney)
T: +61 2 9322 5562
M: +61 450 530 748
Email

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