- 300 homeowners have been left with unfinished homes
- Creditors are reportedly owed around $14 million
- Robson Cotter Insolvency Group have been appointed as liquidators
Oracle Homes, a Queensland residential construction company, has gone into liquidation, leaving 300 homeowners with unfinished homes.
The company is believed to owe creditors $14 million.
Around 70 employees have been terminated, effective today. 200 suppliers and subcontractors have also been impacted by the decision.
Robson Cotter Insolvency Group’s Bill Cotter and W. Roland Robson have been appointed liquidators.
“Projects range from not-yet-commenced through to nearing completion,” said the liquidators in a statement.
“The company’s staff have been terminated effective from the date of the liquidators’ appointment.”
Records from the Queensland Building and Construction Commission show that Oracle benefitted enormously from the Homebuilder program. The company went from 76 contracts during the 2020 financial year to 316 during 2021. This sent the value of work on their books from $22.4 million to $90 million.
The news comes as many builders have recently going into administration, ranging from smaller companies such as Blint Builders and Besse Constructions to Pindan, Condev and Probuild, the latter collapsing with a $5 billion pipeline.
