Thirteen Gippsland home owners-to-be have had their builds thrown into limbo after Traralgon-based company Neilson Builders went into liquidation on Friday.
Nineteen employees have had their positions terminated, after the company closed their shop front doors for the last time at close of business Thursday.
Mayfields Business Advisers director and insolvency specialist Eddie Muscatt was appointed to wind up the troubled company on Friday, after being approached earlier in the week.
Mr Muscatt said while options other than liquidation had been considered, there was “nothing to be gained” from appointing an administrator.
He said while a last minute bail-out attempt had been pursued through a third party investor, it did not eventuate.
Mr Muscatt said after an initial assessment, monies owed to a large portfolio of local creditors was expected to be in excess of $2.5 million
The company was mid-way through the construction of 13 homes across Gippsland, including builds in Traralgon, Morwell, Newborough, Churchill and Mirboo North.
For more information read Thursday’s Express.
