A home building company is in liquidation and another in administration, leaving construction of up to 50 homes in limbo and more than $8.4m in debts.
Hope Island company Focus Living went into administration on Monday, the same day its related company Skyfield Homes was wound up.
Michael Caspaney of Menzies Advisory was appointed to both companies, which had construction sites in Nerang, Helensvale, Hope Island and Brisbane.
Skyfield Homes went into administration in February, leaving 38 homes unfinished and more than $8.4m in debt.
A searing report from Mr Caspaney to Skyfield creditors said the company’s books and records were so badly kept that “any reports from the Company’s systems would be meaningless”.
The report said the company’s share capital of $2.2m was not properly accounted for and that Skyfield took customer deposits far in excess of the allowed five per cent.
Mr Caspaney said Skyfield’s tax records suggested it had been insolvent since some time in the 2022 financial year. It had $1.82 in the bank when Mr Caspaney was appointed and owed more than $300,000 to the ATO.
Focus Living is listed as owing $2.49m to Skyfield. According to the report, Skyfield was owed $1.55m by trade debtors and $2.22m by…