Former show homes in Greenhalghs Road, in Ballarat have been vacated by the company and have now gone on sale.

But it has not yet been made clear how the disposal of the company’s assets will be used to meet outstanding debts   

Following a meeting of creditors in Melbourne last week, a  spokesman for Watersun’s administrators, Neil Mclean and Mathew Gollant of insolvency firm Rodgers Reidy, said the company’s debts amounted to approximately $20 million.

“There were 240 projects in progress, 60 contracted and 120 in the pipeline,” he said.

“All projects will be completed over time by the new builders.”

A builder is yet to be appointed.

“Creditors will be paid in order of ranking, from secured creditors to unsecured creditors,” the spokesman said.

“The administrators are talking with a number of interested parties with a view to selling the business.”

Whether or not the company will continue trading, or go into liquidation, is expected to be decided at a second creditors’ meeting in Melbourne on April 7. 

Watersun was initially reported to have been owing about $10 million, including $5 million to subcontractors and $1 million for staff entitlements.

The business was believed to have left about 900 creditors out of pocket.

Former Watersun employees might be eligible for assistance from the federal government’s Fair Entitlements Guarantee scheme.