Builder Freelife Homes collapses
A residential builder with more than 200 homes under construction has suffered a financial collapse.
The directors of Capital Works Construction, the company behind Freelife Homes and Visionaire Homes, called in administrators yesterday.
Associated company Capital Construction Hire is also in the hands of insolvency specialists.
Admininistrators from Deloitte Restructuring Services said Freelife Homes was building houses for 229 customers and construction for another 84 had not begun.
Most of the homes are in metropolitan Perth. The Osborne Park-based business has 24 employees.
Joint administrator Jason Tracey said the group had been trying to restructure and sell parts of the business.
“Our focus will be on trying to secure in conjunction with the insurer the completion of customer homes and maximise the value of the group’s pipeline works and intellectual property by working closely with existing stakeholders so that we can achieve the best outcome for all parties,” Mr Tracey said.
He said the administrators’ review of the group’s financial position were at an early stage.
“We appreciate this is a difficult and uncertain time, particularly for customers and employees.
“We are committed to communicating with all stakeholders as quickly as possible, but do ask for patience, particularly in these early days of our appointment.”
Customers and creditors are advised to call 08 9365 7045 or email freelife@deloitte.com.au
