Fyshwick-based ACT Homes left a trail of outstanding payments and unfinished homes when it went into voluntary liquidation in May last year. Photo: Rob HomerHomeowners and contractors who stood to lose tens of thousands of dollars after the failure of a Canberra building company are unlikely to see their money again, liquidators say.
Fyshwick-based ACT Homes left a trail of outstanding payments and unfinished homes when it went into voluntary liquidation in May last year.
Liquidator Cliff Sanderson, of Sydney company Dissolve, said at the time initial investigations revealed 122 creditors were owed about $1.47 million.
ACT Homes principal David Geelan declared bankruptcy in December.
Mr Sanderson said he did not expect there to be a dividend from Mr Geelan’s estate and a report was being prepared for creditors.
The company’s demise followed the collapse of Sublime Developments early last year.
That business went into administration in February, with debts of up to $2.5 million to home buyers, tradesmen and suppliers around the capital.
This story Administrator ready to work first appeared on Nanjing Night Net.