Belazzo Homes put in liquidation after 73 years
Subbies are out of pocket after one of Queensland’s oldest building families put luxury building company Belazzo Homes into liquidation owing 61 creditors almost half-a-million dollars.
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A THIRD-GENERATION Queensland building family operating since the end of the Second World War has put its luxury building company into liquidation owing 61 creditors almost half-a-million dollars.
Belazzo Homes, which promoted itself as Queensland’s “most trusted” home builder, was handed to liquidator Jarvis Archer of Revive Financial on July 9.
New details about the 73-year-old company reveal about 61 secured and unsecured creditors, largely trades, are owed $441,513.
Beenleigh Interior Linings, owed $17,765, is the largest unsecured and unrelated creditor – closely followed by Avanti Tiling owed $16,360.
The number of construction jobs undertaken has rapidly fallen in recent years, according to financial records held by the Queensland Building and Construction Commission.
In the 2017-18 financial year, Belazzo Homes completed 38 jobs with a value of $5.96m and, in 2018-19, finished 31 homes valued at $4.89m.
Last financial year, however, just two homes valued at $282,526 were undertaken.
Company director Michael Wood started Belazzo Homes out of his Gold Coast home in 2015.
He comes from a family of builders dating back to 1946 when grandfather Lindsay Wood, an engineer, returned from the war.
Lindsay built two homes in Adelaide using his own handmade bricks.
In 1973 Mr Wood’s dad Mike joined the LC Wood and Sons construction business.
Mr Wood remembers being inspired in 1996, at age 14, when he saw his dad drawing a house on his drafting table.
“I remember thinking to myself it would be really satisfying to be able to draw something and then build it,” Mr Wood said.
He became an apprentice carpenter two years later and went on to study architecture at university before forming Belazzo Homes in 2015.
Mr Wood has been contacted for comment.
Mr Archer expects there will be a deficiency in the company’s finances, according to his early financial assessment of the company.