On April 20, Victorian premier Daniel Andrews announced a $15 million compensation scheme for the 560 families who, like Maria and Sio, had discovered they had no insurance despite paying a deposit to Porter Davis. The couple joined hundreds of Porter Davis customers affected by the construction giant's collapse in a protest on the steps of the Victorian parliament on April 16. Maria and Sio sought advice from the Victorian Managed Insurance Authority and the liquidator, Grant Thornton, who told them no help was forthcoming. "It's just heartache." A call for better regulation "At the end of the day, no one wins when a builder goes broke - builders, the Tax Office, subcontractors, and, obviously, home owners," Michael says. They pay people to manage the jobs - they have an accounts team they have a marketing team," which amounts to "a lot of fixed costs", he explains. "A lot of builders who are going broke … are office-based. Recent price rises are a problem for large construction firms operating at low margins of 7 to 8 per cent, Michael says. These figures mean there's no buffer when costs increase. These days, it's a situation he's seeing more often. They're struggling financially, too," Michael says.
" got two young children they're living with their parents. The completed work was substandard and underinsured, creating problems for the owners, including a $400,000 budget blowout. (Source: Phil Dwyer, builder and president of the Builders Collective of Australia) Ensure your surveyor inspects the completed work before signing off on each stage.Ensure your contract features staged payments, and don't pay for incomplete work.Make sure you have insurance, no matter how reputable a builder seems.Seek referrals from past clients before signing a contract with a builder."This is the third job I've completed where the previous builder has gone broke or gone missing," he says. Michael, a residential builder based in Melbourne, has recently finished work on a project he took over in 2021, after the owner discovered the previous builder was trading insolvent. Licensed and exempt clearing and settlement facilitiesĮverything you need to know about the areas we regulate."It's devastating for the building industry devastating for consumers … We're in a lot of trouble," Dwyer says.Registered liquidator transactions on the ASIC Regulatory Portal.
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