Half-built homes left vacant after the collapse of a major Victorian building company are being raided by disgruntled tradespeople, a home owner has alleged.
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One Bendigo home owner, who asked to remain anonymous, said her front door had been kicked in, and materials were stolen from inside her Watersun Homes property.
“We do worry it could get worse,” she said.
“It has happened to a few of us.
“They (tradespeople) are not realising we are impacted as well. It’s awful for tradies but we don’t have a new house to move into, we have to get a rental property.”
The slew of information surrounding the Watersun demise, allied with the company’s reluctance to make a public statement, had made it difficult for affected locals, she said.
"We can't do anything from here, and that's the most frustrating thing," she said.
Meanwhile, the insolvency firm tasked with managing the collapse of Watersun has been inundated with offers for its remaining assets, but claimed it was “too early” to speculate on which creditors, if any, would be recompensed.
Watersun entered administration earlier this week, leaving 90 full-time staff unemployed.
Neil Mclean and Mathew Gollant of insolvency firm Rodgers Reidy have been appointed as joint and several administrators of Watersun Homes.
And Mathew Gollant said employee entitlements will rank ahead of unsecured creditors’ claims in accordance with Australian insolvency law.
The firm has received more than 20 expressions of interest for Watersun’s remaining assets, with Mr Gollant and his company in the midst of financial negotiations.
“It’s too early to speculate (on which creditors may be compensated). We hope to have an update for creditors and homeowners by the end of next week,” Mr Gollant said.
The first creditors meeting has been scheduled for Friday, March 10, at 10am.
It was reported Watersun owed creditors about $10 million, including $5 million to subcontractors and $1 million for staff entitlements.
The company has reportedly left 300 construction projects unfinished, with about 900 creditors out of pocket.
Consumer Action Law Centre chief executive Gerard Brody said most people, particularly those with building contracts worth more than $16,000, were contractually required to have domestic building insurance.
The insurance should provide some compensation or a payout when a builder goes into liquidation or administration.
Advice for people affected by Watersun’s collapse is available from the VMIA DBI website.
