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Watersun Homes, a construction company that formerly sponsored an AFL team, has called in administrators to sell its projects and told 90 full-time workers their jobs have gone.

The Melbourne-based residential homebuilder had 300 projects across Victoria.

“Ninety full-time jobs will be lost as a result of the administration process. All staff were informed today,” says a statement by administrators Neil Mclean and Mathew Gollant of Rodgers Reidy Melbourne.

Partially completed homes and those newly contracted to Watersun Homes are among the hundreds of projects affected.

Mr Gollant says they will be in contact with property owners soon, and that several parties have already expressed interest in buying the company’s outstanding projects and assets.

“There have been half a dozen or more parties that have expressed interest,” he tsaid.

Building supervisors, regional managers and administration workers are among those who will lose their jobs, Mr Gollant confirmed.

Watersun Homes has branches in Queensland and NSW, but they have not been affected by the company’s decision to enter its Victorian branch into voluntary administration.

In 2014, Watersun Homes signed a three-year deal to sponsor Alan Richardson, although the company logo wasn’t featured on the St Kilda Football Club coach’s shirt during the 2016 season.

Administrators will hold their first creditors meeting in Melbourne on March 10.

It cited “insufficient funds” as the company’s reason to stop trade.

 
  • Spare a thought for the workers, subcontractors and home buyers who are impacted by this. When things like this happen, the financial and emotional toll which this can take on everyone is immense.

    Spare a thought also for the principals of the company. They are probably not only facing personal financial ruin themselves., they are watching the business they no doubt built over decades or years collapse around them and no doubt have a feeling of having let down workers, subcontractors, customers and family members. This will no doubt take a massive financial and emotional toll on them.

  • This is just the latest disaster to hit in Vic. Details are scant – and thus for all impacted they will be facing years of heartache whilst the mess is being sorted. However, the sub-contractors will most likely never be paid, the owners' lives will be in turmoil for many years and the employees will be on the hunt for a new job. It is unlikely that we will hear any – or many of these tragic stories – the way this system was planned, devised to keep it out of the public domain at all costs. And it seems that the federal Government is about to make it easier for more builders (and others) to become insolvent and walk away with owners' money, sub-contractors' materials and labour and they will be off into the sunset to have a nice life. This is the 'lucky country' – lucky for a few! But with tragic consequences for the majority. All Government endorsed as 'innovative' and 'entrepreneurial' and about to be approved under proposed legislation to become more prevalent! It's called legalized robbery!

    Once again this story shines a dark light on what is a shameless a national disgrace. Our Government could care less about the Australians whose lives and livelihoods will be ruined people. Profits for the protected class is all that counts. As for the rest of us, unless in the poliie or bureau classes, we are simply to be used and abused as the pawns in the game, the defenceless victims who have no means of avoiding the devastating outcomes that the various Governments have agreed to inflict upon us.

  • On another page is an article regarding federal Security of Payment review. It appears to have been hijacked by adjudication issues and adjudicators while the main aim to get subcontractors paid in full and on time is ignored. Recent amendments to the Corpd Act to supposedly assist entrepreneurs will make the financial destruction of subcontractors and consumers worse.

    No sympathy from me for the company owners until we know if this is not s preplannef or prepackaged liquidation.

    Part of the prepack is to have the employees entitlements paid by the taxpayer ( FEG SCHEME) recoveries = the fees and assets transferred prior to liquidation – included consumers deposits and subcontractors revenue.

TecBuild – 300 X 600 (expires December 31, 2017)
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