MSN Homes: Collapsed Brisbane builder’s trail of financial destruction revealed

A Brisbane builder has plunged into administration with claims subcontractors are owed thousands, while more than $1.5m is owed to dozens of creditors. SEE THE FULL LIST

A trail of financial destruction totalling $1.5m has been uncovered after a failed Brisbane building company plunged into administration last month.

Administrators were appointed in May for MSN Properties Pty Ltd — trading as MSN Homes — which, according to ASIC documents, owes 27 unsecured creditors $1,552,489 along with an outstanding ATO bill of $230,000.

Documents lodged with the Australian Securities and Investments Commission listed the company’s directors as Mandeep Narang of North Lakes. Mr Narang is also a director for MSN Enterprise Group Pty Ltd which had been listed as a creditor.

Businesses, staff and homebuyers left out of pocket by the company have now revealed the financial stress they face from unpaid debt or unfinished homes.

Those affected include Brisbane-based Corliss Painting and Decorating which is waiting to be paid more than $12,000.

MSN Properties Pty Ltd display homes on the now shutdown website. Photo: Supplied.

Owner Alisha Corliss said she had worked on new homes in the north and south of Brisbane.

“I went in to do the painting on these homes, they were left in terrible condition, everything was either water damaged or had mould,” Ms Corliss said.

According to the documents, north Brisbane business Ideal Stairs and Handrails was also owed $26,466 for materials supplied to the embattled builders.

Ideal Stairs and Handrails’ owner, who did not want to be named, said MSN Builders had been “slow to pay” previous invoices.

“I really don’t know what happened there, there have been quite a few … builders gone bust on me,” he said.

The debt has also stretched to families, with individual homebuyers being left out of pocket and without completed homes.

Lovekesh Kakkar said he signed a contract with Mr Narang two years ago but it was cancelled with only $49,000 of the $70,000 he had paid returned.

“We bought land in Mango Hill and he never built the house. He just ran away,” Mr Kakkar said.

“We are building with a different company now but when we signed a contract with him it was $680,000 for the same house, and now building for $900,000 — I lost $300,000 just because of this fellow.”

Another client, Mohammed Shameen, bought land four years ago but was only now able to start building after signing with a different company.

Alisha Corliss’ business, Corliss Painting and Decorating, is owed $12,000 after MSN properties fell into liquidation. Picture: David Clark.

“He said he was going to return our money. We received a letter saying that because of Covid we can’t afford building materials, so expensive, we can’t do it anymore,” Mr Shameen said.

Mr Shameen said the company had promised to repay their money but “never did”.

Mr Shameen, said the situation caused a two-year delay on his build and he had run out of money to fund the construction of his home with his new builder.

“I don’t have money to finish the house, there’s no floors, the plumbing is not done. I can’t even move in, I am paying $540 a week for rent and I don’t have money to complete it,” he said.

According to the Queensland Building and Construction Commission, MSN Homes had its low rise builder licence cancelled on July 12, 2023 for “failure to satisfy financial requirements”, with the suspension lifted on July 21, 2023.

The company had logged 18 jobs for the 2020 to 2021 financial year, to the value of $4,813,181, and in the 2021 to 2022 financial year it had 25 jobs totalling $10,653,009.

MSN Homes’ website has been removed, but they had previously advertised “turn key packages” between $200,000 to $300,000 across southeast Queensland.

Their website had said a $3000 initial deposit was to be paid by clients to “get things ready for your build”.

Former MSN Homes sales consultant Amandeep Singh said he sold between 10 and 15 home and land packages for MSN Homes and was yet to receive $5000 in commission.

Stephen McAllister of Businesses Reset in the Sunshine Coast has been appointed to handle the company’s administration.

Mandeep Narang was contacted for comment.