THE liquidator of Coral Coast Homes has warned that the cupboard is bare for customers and tradespeople, with the company's debts of up to $1 million - and no assets.
“The director (John Biles) is already talking about bankruptcy,” SV Partners director David Stimpson said.
Mr Stimpson said the company had 15 projects underway, which were unable to be completed.
Fifteen home-owners and scores of tradies, contractors and suppliers are among the 100 creditors who are unlikely to see a cent.
The company owes $200,000 to associated businesss SSM Products - which traded as Steelsmart Homes and was directed by Mr Biles.
Building Services Authority general manager Ian Jennings said the rights of homeowners under the BSA's Home Warranty Insurance Scheme would not be affected, as it was a licensed company at the time it went into liquidation.
But those who bought kit homes through Steelsmart Homes may be left to recover their money through the courts.
“The Office of Fair Trading does not have the legislative power to assist in getting your money back if a company has become insolvent, however it can investigate if the business has acted illegally,” a spokeswoman said.
“It is illegal for a business to accept payment... if the business has no intention to supply the goods or services or continues to trade while insolvent.”
A creditors meeting has been scheduled for 11am on June 22 at the Sugar Country Inn.
Old mother hubbard went to the cupboard to get her poor doggy a bone. When she got there the cupboard was bare....No thats not right because it wasn't even built but its okay because it was paid for. May be someone will give CCH a bone!!
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