Queensland building company Oracle Platinum Homes goes into liquidation

Another building company has become the latest casualty in a string of collapses impacting the sector, hitting hundreds of homes.

Another building company has become the latest casualty in a string of collapses impacting the sector.

On Wednesday morning, Queensland residential builder Oracle Building Corporation Pty Ltd went into liquidation.

A notice posted on the Australian Securities and Investments Commission shows that William Cotter and William Robson from Robson Cotter Insolvency Group have been appointed as joint liquidators.

Oracle Building Corporation trades under a number of names including Oracle Platinum Homes which is understood to have hundreds of homes in the pipeline to be built.

The building firm appear to have had money troubles for some time after reports emerged earlier this year that they were asking customers for more money to complete construction works.

It appears that Oracle’s website and Facebook pages are down as an error code appears.

News.com.au has contacted the liquidators for comment.

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The error message on Oracle’s Facebook page.

The website also went down.

News.com.au reported in April that Oracle Platinum Homes had tried to get more money out of customers, in some cases hiking build prices to more than $100,000 than the original agreement.

At the time the builder said the costs are unavoidable because of unprecedented demand for materials since Covid-19 lockdowns and flooding in the state.

Oracle’s work this financial year includes the completion of more than 100 houses worth $36.6 million. Last year, the company completed 318 houses worth more than $90 million.

Oracle Platinum Homes went into liquidation on Wednesday.

The construction industry is in crisis thanks to a perfect storm of supply chain disruptions, skilled labour shortages, skyrocketing costs of materials and logistics, and extreme weather events.

Earlier this year, two major Australian construction companies, Gold Coast-based Condev and industry giant Probuild, went into liquidation.

Snowdon Developments was ordered into liquidation by the Victorian Supreme Court last month with 52 staff members, 550 homes and more than 250 creditors owed $28 million.

Others joined the list too including Inside Out Construction, Solido Builders, Waterford Homes, Affordable Modular Homes and Statement Builders.

Then there was NSW building company Willoughby Homes, which went into voluntary administration earlier this month, leaving at least 30 homes in limbo.

Then there have been smaller operators like Hotondo Homes Horsham, which was also based in Victoria and a franchisee of a national construction firm – which collapsed earlier this month affecting 11 homeowners with $1.2 million in outstanding debt.

It is the second Hotondo Homes franchisee to go under this year, with its Hobart branch collapsing in January owing $1.3 million to creditors, according to a report from liquidator Revive Financial.

Norris Construction Group, which was in Geelong, collapsed in March with $27 million in debt. It owes $3.2 million to around 140 staff that it is unlikely to be able to repay, according to the liquidator’s report.

Just last week a Melbourne-based company Blint Builders collapsed with approximately $1 million in outstanding debt owed to 50 creditors, according to the liquidators.

The most recent was another Queensland builder, Besse Construction that collapsed only last week owing $1.7 million.

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Originally published as Queensland building company Oracle Platinum Homes goes into liquidation