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.”
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