Fri. Mar 29th, 2024

Felmeri Homes collapses as construction company owes $2million to creditors<!-- wp:html --><p><a href="https://whatsnew2day.com/">WhatsNew2Day - Latest News And Breaking Headlines</a></p> <div> <h2>Shock as construction company collapses with homes left unfinished and $2 million owed to creditors</h2> <p><strong>Construction company bankrupt</strong><br /> <strong>Creditors owed $2 million </strong></p> <p class="author-section byline-plain">By Elena Couper For Nca Newswire </p> <p class="byline-section"><span class="article-timestamp article-timestamp-published"> <span class="article-timestamp-label">published:</span> 21:56 EDT, May 22, 2023 </span> | <span class="article-timestamp article-timestamp-updated"> <span class="article-timestamp-label">Updated:</span> 22:06 EDT, May 22, 2023 </span> </p> <p> <!-- ad: https://mads.dailymail.co.uk/v8/us/news/none/article/other/para_top.html --> <!-- CWV --><!--[if !IE]>>--> <!-- <!--[if IE]>--></p> <p> <!--[if !IE]>>--> <!--<!--[if IE]>--></p> <p> <!--[if !IE]>>--> <!--<!--[if gte IE 8]>>--> <!-- <!--[if IE 8]>--></p> <p> <!--[if IE 9]>--></p> <p> <!--[if IE]>--></p> <p> <!--[if !IE]> --> <!--</p> <p> <!-- SiteCatalyst code version: H.20.3. Copyright 1997-2009 Omniture, Inc. More info available at http://www.omniture.com --> </p> <p> <!-- End SiteCatalyst code version: H.20.3. --> <!--[if IE]>--></p> <p> <!--[if !IE]> --> <!--<!--[if IE]>--></p> <p> <!--[if !IE]> --> <!-- <!-- CWV --></p> <div> <p class="mol-para-with-font">South Australian housing company Felmeri Homes has entered voluntary administration, abandoning clients with unfinished structures.</p> <p class="mol-para-with-font">The homebuilder, which has been in the industry for 30 years, was placed under external management on Friday and owed creditors about $2 million.</p> <p class="mol-para-with-font">The collapse comes after the family-owned company was the subject of several “serious” customer complaints about delayed and allegedly flawed builds.</p> <div class="artSplitter mol-img-group"> <div> <div class="image-wrap"> </div> </div> <p class="imageCaption mol-para-with-font">The South Australian builder has been placed under voluntary receivership. Photo: Facebook</p> </div> <p class="mol-para-with-font">Consumer and Business Services SA said it was investigating the builder.</p> <p class="mol-para-with-font">Devastated clients have taken to social media to share their experiences and photos of their unfinished home as they ponder their options.</p> <p class="mol-para-with-font">One such client, Jessica Lee Harrison, posted photos of the unfinished development on O’Halloran Hill Estate, taken by homeowners.</p> <p class="mol-para-with-font">“Three years later and this is what we have now,” she said.</p> <p class="mol-para-with-font">Dini Soulio, SA’s consumer and business services commissioner, said his organization was working with the builder’s manager to assess whether the company would continue to trade and “what that means for customers.”</p> <p class="mol-para-with-font">Although it is not known how many customers have an incomplete house at Felmeri, CBS has taken measures to ensure that the company cannot attract new customers.</p> <p class="mol-para-with-font">Copper Coast Mayor Roslyn Talbot, in whose community area the abandoned Wallaroo Shores Resort is located, said the 100 units would be completed by September 2023.</p> <p class="mol-para-with-font">The $42 million project, the company’s largest, was originally scheduled to be completed in 2022, but construction has run into “significant obstacles.”</p> <p class="mol-para-with-font">“I have every confidence that the developers will find a solution to complete this project,” she said.</p> <div class="artSplitter mol-img-group"> <div> <div class="image-wrap"> </div> </div> <p class="imageCaption mol-para-with-font">The South Australian builder has been placed under voluntary receivership. Photo: Facebook</p> </div> <p class="mol-para-with-font">Manager Leigh Prior of Agile Business Advisory confirmed that nearly 150 unsecured creditors owed approximately $2 million.</p> <p class="mol-para-with-font">Related companies also have claims for more than $2 million, while secured creditor ANZ owes about $500,000.</p> <p class="mol-para-with-font">Felmeri had begun construction on 43 homes and had recently signed contracts for an additional 20 homes that had not yet begun construction.</p> <p class="mol-para-with-font">NCA NewsWire has reached out to Felmeri Homes for comment.</p> </div> <p> <!-- ad: https://mads.dailymail.co.uk/v8/us/news/none/article/other/inread_player.html --></p> <div class="column-content cleared"> <div class="shareArticles"> <h3 class="social-links-title">Share or comment on this article: </h3> </div> </div> </div> <p><a href="https://whatsnew2day.com/felmeri-homes-collapses-as-construction-company-owes-2million-to-creditors/">Felmeri Homes collapses as construction company owes $2million to creditors</a></p><!-- /wp:html -->

WhatsNew2Day – Latest News And Breaking Headlines

Shock as construction company collapses with homes left unfinished and $2 million owed to creditors

Construction company bankrupt
Creditors owed $2 million

<!–

<!–

<!– <!–

<!–

<!–

<!–

South Australian housing company Felmeri Homes has entered voluntary administration, abandoning clients with unfinished structures.

The homebuilder, which has been in the industry for 30 years, was placed under external management on Friday and owed creditors about $2 million.

The collapse comes after the family-owned company was the subject of several “serious” customer complaints about delayed and allegedly flawed builds.

The South Australian builder has been placed under voluntary receivership. Photo: Facebook

Consumer and Business Services SA said it was investigating the builder.

Devastated clients have taken to social media to share their experiences and photos of their unfinished home as they ponder their options.

One such client, Jessica Lee Harrison, posted photos of the unfinished development on O’Halloran Hill Estate, taken by homeowners.

“Three years later and this is what we have now,” she said.

Dini Soulio, SA’s consumer and business services commissioner, said his organization was working with the builder’s manager to assess whether the company would continue to trade and “what that means for customers.”

Although it is not known how many customers have an incomplete house at Felmeri, CBS has taken measures to ensure that the company cannot attract new customers.

Copper Coast Mayor Roslyn Talbot, in whose community area the abandoned Wallaroo Shores Resort is located, said the 100 units would be completed by September 2023.

The $42 million project, the company’s largest, was originally scheduled to be completed in 2022, but construction has run into “significant obstacles.”

“I have every confidence that the developers will find a solution to complete this project,” she said.

The South Australian builder has been placed under voluntary receivership. Photo: Facebook

Manager Leigh Prior of Agile Business Advisory confirmed that nearly 150 unsecured creditors owed approximately $2 million.

Related companies also have claims for more than $2 million, while secured creditor ANZ owes about $500,000.

Felmeri had begun construction on 43 homes and had recently signed contracts for an additional 20 homes that had not yet begun construction.

NCA NewsWire has reached out to Felmeri Homes for comment.

Felmeri Homes collapses as construction company owes $2million to creditors

By