Perth residential construction company, engaged in 175 projects, appoints liquidator

The director of MI Constructions (WA) Pty Ltd has appointed a liquidator of the company, following an assessment of their financial position and restructuring alternatives.

The residential construction business, located in Northbridge, Perth, had employed 18 staff and is currently engaged in more than 175 residential building projects within the area. They are said to be at ‘varying stages of completion’.

MI Constructions uses a number of taglines, such as ‘built for life’ and ‘profit from property’, and their website claims that their history as a builder dates back 40 years. They were a Housing Industry Association member.

The building company was receiving building permits from the City of Stonnington as late as October 2013 for sites in Balga.

The liquidator, Avior Consulting, analysed the company’s position and advised that they should stop trade before his appointment as liquidator.

Dermott McVeigh, Avior Consulting’s managing director, said that they are working closely with the director to ensure an outcome is achieved in the best interests of all creditors.

“We are also working closely with the Company’s insurer, QBE, to assist the Company’s customers to lodge insurance claims in situations where they have suffered a loss from the Company’s liquidation,” said McVeigh.

“I have convened a meeting of the Company’s creditors to take place on Monday, 17 February 2014 and I hope to be in a position to provide creditors with More details of the Company’s position then. We have also commenced an investigation into the Company’s failure which we will discuss with the Company’s creditors in due course.”

Currently, it’s noted that the liquidator requires more time to make an assessment of all building projects currently under construction, with investors to be advised.

More to come.

jduke@propertyobserver.com.au

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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