Freelife Homes Visionaire Homes WIP acquired by Centrals

Media releases

Freelife Homes, Visionaire Homes

WIP acquired by Centrals

9 June 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, an agreement has been reached with Central Systems Pty Ltd (Centrals) to acquire the work in progress contracts and associated records.

Capital Works Constructions Pty Ltd previously traded as Freelife Homes and Visionaire Homes (CWC). Centrals provide construction and maintenance services across Australia at all stages of project life, and is part of the Resource Development Group of companies (ASX: RDG).

Deloitte Restructuring Services partner Jason Tracy said the acquisition by Centrals follows an expressions of interest sales process.

“We sought expressions of interest to purchase CWC’s work in progress contracts and associated records. The capability and capacity to deliver on the works for a number of parties was then evaluated, as well as the ability to re-contract with homebuyers and subcontractors, before the agreement with Centrals was reached,” Mr Tracy said.

“We believe that the agreement with Centrals will maximise the value realised for the work in progress contracts and records, will likely reduce the overall creditor pool in the administration and ultimately is in the best interests of all creditors of CWC.”

“Centrals also have a home indemnity insurance policy with QBE and the Administrators will be working with QBE and Centrals to ensure the timely resumption of construction of homes.”

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

About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.

About Deloitte Australia
In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leading professional services firms, and winner of both the Australian Financial Review/CFO Audit Firm of the Year and Accounting Firm of the Year awards 2013, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. Formore information, please visit Deloitte’s web site at

Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Touche Tohmatsu Limited
© 2015 Deloitte Touche Tohmatsu

Did you find this useful?