Gold Coast home builder Insignia Homes in liquidation with debts over $6m to staff, clients, subbies
A Gold Coast home builder has gone into liquidation owing more than $6m, with staff, customers, subcontractors and suppliers among those out of pocket.
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A Gold Coast home builder has gone into liquidation owing more than $6m, with staff, customers, subcontractors and suppliers among those out of pocket.
Coomera-based Insignia Homes was wound up on January 22. The liquidation leaves at least eight home buyers in limbo, with work stopping on sites across southeast Queensland.
At least eight sites around Toowoomba and Logan are at finishing stage, with one contractor estimating the company could have many more builds under way at earlier stages of construction.
The company is solely directed by Highland Park man Kevin Allen Ross, 46, with shares held by his wife Lee Ross, 45, via another company.
Remaining shares are held by a company directed and held by Sanctuary Cove man Peter Ramsay, 73, and his wife Brenda.
A report on company affairs and property submitted by Mr Ross said the company owed $2.72m to trade creditors, as well as $249,661 to the ATO and $49,500 in client deposits.
A further $4.6m is listed as owing to 84 Dixon, a related company solely directed and held by Mr Ramsay, and another $1.29m to lender CGA Capital.
Mr Ross said it was “a sad time for everyone involved” but declined to answer further questions. Mr Ramsay declined to comment.
Liquidator William Robson of Robson Cotter has been appointed to the company.
One creditor, who spoke on condition of anonymity, said the company had fielded complaints from clients and subcontractors.
“There were complaints from clients who had paid their deposits and were sitting around waiting for starts or approvals,” they said.
“They kept saying it was fine but then they went into liquidation on Friday – it shocked all the suppliers and clients.”
Another creditor, a subcontractor who claims to be owed more than $100,000, said they had been stung by multiple collapsing builders in the past year.
“Obviously it sucks because that money comes straight off the profit line,” they said.
“We’ve paid for everything upfront.”
As of Wednesday, Insignia Homes held a category three builder licence for revenue between $12m and $30m.
Queensland Building and Construction Commission records show it logged 31 jobs for revenue of $10.5m in 2022-23 after recording 84 jobs for $28.2m the previous year and 112 jobs for $27m the year before that.
For 2023-24, Insignia had only logged five jobs totalling $3.95m with the QBCC.
Insignia was previously called Optima Homes Qld, but changed its name in 2017.
Domain records show Mr Ross registered a business name and website, Belvedere Living, in 2022 using the ABN and QBCC licence of Insignia Homes.
Belvedere Living is listed with Google as “permanently closed”.
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