List of creditors for Gold Coast builder Pivotal Homes includes, subcontractors, suppliers, staff

Creditors of failed Gold Coast builder Pivotal Homes have revealed the devastating impacts of the collapse. EVERY CREDITOR AND WHAT THEY’RE OWED >>

The liquidator of failed Gold Coast builder Pivotal Homes has revealed the company owed at least $5.4m to unsecured creditors when it collapsed in May.

The report, from Worrells liquidator Chris Cook, reveals the knock-on effect the failure is likely to have on scores of businesses throughout the region, and the families they support.

Subcontractors have taken the biggest hit from the collapse, many of them small family companies whose livelihoods depend on builders paying the bills.

Debts owed by Pivotal range from under $100 to over $1m.

GOLD COAST BUILDER PIVOTAL HOMES IN LIQUIDATION WITH MORE THAN 100 HOMES NOW AT MERCY OF QBCC

Pivotal Homes Managing Director Michael Irwin and Lawyer Derek Cronin announced the demise of Pivotal at a media briefing this morning. Picture by Richard Gosling

The single largest creditor is Stapylton family company Langs Building Supplies, which has lodged a claim for $1.18m.

Pivotal managing director Michael Irwin is the second-largest creditor, with a claim of $417,670.

Burleigh-based Signature Joinery has claimed $343,572; Bunnings at Gaven $330,283; Boral Construction Materials $317,557; and Raven Roofing at Capalaba has claimed $287,146.

At the other end of the scale Officeworks Business Direct has claimed $97; Waterlogic Australia $103; Dowell Windows $153 and Scenic Rim Builders Cleans $646.

In between the highest and the lowest sit more than 120 businesses owed hundreds, thousands and hundreds of thousands of dollars each.

Painters, carpenters, bobcat operators, brick and concrete suppliers are among the small businesses owed money, with the liquidator tempering their expectations of receiving their full entitlements.

FAILED GOLD COAST BUILDER PIVOTAL HOMES DID NOT HOLD ENOUGH ASSETS TO PERFORM $52M OF WORK

Among those wondering whether they’ll see their money are the owners of Tweed Heads South family business Visor Blinds, which has lodged a claim for $35,587.

Co-owner Lucita Fenton said small businesses were already coping with difficult years without having to deal with chasing money they were owed.

“For the last three years we dealt with border closures, lack of staff shortages of materials and now a major financial blow,” she said.

Meanwhile, clients of Pivotal Homes, whose houses are practically complete, are unable to get the keys due to a stand-off over landscaping.

The liquidator’s report said 11 homes had reached practical completion, but that clients had not paid final invoices totalling $430,960 as landscaping remained unfinished.

The liquidator offered these clients a credit against their final invoice amounts to cover the landscaping, saying they would get their keys once they paid their final invoice.

None of the clients have accepted the deal, with some disputing the work yet to be completed and the amount of the credit.

The liquidator has sought legal advice for the situation.

The report lists scores of people who signed up for a new Pivotal home which did not commence construction, including photographer Regi Varghese.

Mr Varghese and wife Santhi paid $21,000 as a deposit and first instalment on a house and land package near Ipswich.

PREGNANT TARA FERGUSON SECURES RENTAL AFTER FAMILY FACED ENDING UP HOMELESS FOLLOWING COLLAPSE OF GOLD COAST’S PIVOTAL HOMES

The couple were hoping to use the property as an investment to supplement their income.

Mr Varghese said there was supposed to be progress late last year, but the project suffered numerous delays and staff at Pivotal had not responded to his calls since early this year.

He said he’d been told the builder was trying to increase the price of the contract, which potentially would have voided the loan he’d already had approved.

Mr Vargese said he’d paid the $21,000 to a third party developer of the land, so was hopeful it could be returned.

Either way, the whole exercise has not been without cost for the family.

“It’s been very stressful thinking about losing $20,000 – I can’t afford to lose it,” he said.

“You try to do something and for it to end up like this is a nightmare.”