A collapsed building company that left behind a trail of hundreds of creditors could soon be saved.
In February, Cubitt’s Granny Flat s and Home Extensions announced that it had made the “devastating decision” to put itself into voluntary administration .
But over the weekend, appointed administrators Richard Stone and Brett Lord of insolvency firm RSM Australia, indicated that its future is “looking brighter”. Administrators said they were keeping their options open to either possibility but said they believed the DOCA was a better return for creditors.According to the administrators’ initial investigations, the company has $1.67 million in assets.
Cubitt’s said it was unable to continue because of the economic downturn flattening builders across the country. Vince*, who did not want to share his last name, and his wife Katherine, 49, were toying with the idea of building a granny flat in their backyard as another stream of income.
Economic Downturn Flattening Collapsed Building Company Katherine Insurance Prices Lengthy Weather Events Oceania Creditors Meeting Formal Intent Company Arrangement Worker Quits Granny Flat Ian Cubitt Taxation Changes Richard Stone Display Homes Australia And New Zealand Site Surveyors Alex Turner-Cohen Crazy Message Vince Downturn Flattening Builders Voluntary Administration Australia Builder Collapses Sydney
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