Building comps still owe $2.5m
TRADESPEOPLE and customers are still out of pocket for more than $2.5 million, after the collapse of two building companies in Bundaberg earlier this year.
SV Partners director David Stimpson said former Coral Coast Homes director John Biles had made little contact after he fled Bundaberg following the collapse of Coral Coast Homes and Steelsmart Homes in June - owing more than a million dollars.
“The director is still lying low - I don't believe he has gone bankrupt yet but it is still on the horizon,” he said.
Mr Stimpson said the company had very few assets, except for about $350,000 in online stock brokerage service e-Trade.
“We have managed to get some money to a handful of creditors by way of e-Trade dollars, and we are hoping to make that option available to more people,” he said.
“The only problem is that is will cost creditors $500 to join e-Trade (to get the money).”
Mr Stimpson said the 100 creditors included the Tax Office, which was owed about $200,000.
“There's not a lot more to come out of it,” he said.
“John Biles has no assets, and no one has heard from him in a while.”
Mr Stimpson is also dealing with the liquidation of Bundaberg Master Homes, whose owner Grant Reedy also left town after the company failed in May.
The company owed more than $1.5m when it went into liquidation.
He said the company's only assets were two display homes, which were on the market.
“They can't seem to get the houses sold - they are not attracting buyers,” Mr Stimpson said.
“There's caveats all over the properties anyway, so there would be nothing for unsecured creditors.”
He said he was in contact with Mr Reedy and his wife, but appeared there was no more money to be recovered.
“I don't think there will be anything for creditors from Bundaberg Master Homes,” Mr Stimpson said.Read more about Coral Coast Homes