Voyager hits wall
Home Building Corporation, trading as Voyager Homes, a company set up by Barry Humfrey and Peter Bell, has gone into receivership.
Local creditors are set to lose thousands as a result of the failed company venture, with estimated debts of between $600,000 and $900,000.
Former chairman and director Mr Humfrey would speak only through his PR representative Chris Codrington and would not provide assurances that creditors would be paid.
A receiver was appointed to handle the now insolvent company on July 30.
The directors of the company are currently listed as Allan Schilling and Kim Newbold.
Former directors also include Roger Morris and Mark Newbold.
RSM Bird Cameron, the company employed to manage the situation, is reported to have handed over the insolvency proceedings to Perth based firm Dougal Mclay and Associates Chartered Accounts.
Director Dougall Mclay declined to comment.
A creditors meeting is scheduled for Tuesday, August 9 at the RSM Bird Cameron Geraldton office to determine the position of the company and its ability to pay creditors.
The completion of several homes in 3 Mark Way, under contract from Voyager Homes is now in serious doubt.
Mr Codrington said a decision on the completion of the homes would be made at the discretion of the owners.
No other company of Mr Humfrey’s has been placed in liquidation this week as a result of the Voyager Homes collapse.
All Décor owner Rick Smith is just one of the estimated 20 creditors facing huge losses.
Mr Smith is set to lose just under $33,000 after the collapse of Voyager Homes.
Mr Smith said it was unlikely he would ever be paid.
“Once a receiver takes over, unsecured creditors are unlikely to receive any money.
“The receiver gets paid first, the bank will get their money and unsecured creditors are way down the list,” he said.
He said it was disappointing they had been unable to resolve the financial situation.
Mr Smith said it was sad to see any company fail.
“We’ve got burnt, but it’s really not good for Geraldton as a whole for Voyager Homes to go belly up,” he said.
If a payment guarantee had existed between All Décor and the directors of Voyager Homes, the directors would have been personally liable for the outstanding balance.
“It is not always possible to get director’s guarantee and this was the case in this situation,” Mr Smith said.
All Décor has changed its trading terms since trading with Voyager Homes, tightening its credit system to protect the business from a similar situation in the future.
“We don’t want to be the next company in the situation where we can’t pay our bills.
Mr Smith said it was important to protect the business otherwise they too would become part of the downward spiral.
“It’s a graze, not a fatal wound. It hurts but we’ll get over it,” he said.
Former director Kim Newbold did not want to comment and Humfrey’s former business partner in the venture Peter Bell could not be reached.
