BUILDERS have been secured to complete half of the more than 400 properties affected by the collapse of Watersun Homes.
Mega Homes, VM Builders and Ric Jelfs Custom Homes will finish the builds, which administrators said were in various pre-contract or contract stages.
“These owners have been advised of the sale by our office and the builders will now contact the owners to agree terms for the completion of their homes,” Rodgers Reidy Melbourne director Mathew Gollant said.
The remaining 200 property owners had either terminated their contracts, or the administrators were unable to secure interested parties to complete their homes.
“Where the administrator has not been able to secure a builder to complete their homes, those owners will need to make their own arrangements to find a builder to complete their homes,” Mr Gollant said.
He encouraged owners with building contracts covered by a domestic building insurance policy from the Victorian Managed Insurance Authority to investigate their eligibility to make a claim for any losses.
“The administrators wish to express their thanks to the homeowners for their continued patience during this difficult period,” Mr Gollant said.
Watersun creditors will meet in Melbourne on April 5 to resolve whether or not the company should be liquidated.
“Once in liquidation, the recovery provisions of the Corporations Act will be enabled and the liquidators will assess the prospects of various potential recovery actions for the benefit of creditors,” the administrators said.
“Once the company is in liquidation, employee claims will be verified by the federal government Fair Entitlements Guarantee scheme and are usually paid within 10 -12 weeks of the claims being lodged.
“Former employees are reminded that this needs to be done online.”
Watersun Homes entered into voluntary administration on February 28.
The Melbourne-based home builder is believed to be up to $20 million in debt.