Pivotal Homes subcontractor owed more than $15k speaks out in desperation over liquidation
He’s got a cheap kid’s meal for dinner, a pregnant partner, no money for rent and tears in his eyes. These words from a Pivotal Homes subbie say everything you need to know about the state of the industry.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
“I’m sitting here with a $5 pizza and tears in my eyes not sure how I’m going to pay rent this week”.
A heartbreaking plea from a tradie stung in the Pivotal Homes collapse say everything you need to know about the state of the construction industry.
Written over a series of emails to the Gold Coast Bulletin, the tradie, who’s owed more than $15,000, perfectly articulates the frustration, betrayal and desperation felt by scores of subcontractors owed millions of dollars in successive building company collapses.
It came as the $1.05m sale of the former Pivotal Homes headquarters was settled, with creditors unlikely to see a cent.
The offices were not owned by Pivotal but by company V24, in which all shares were, until recently, held by Pivotal director Michael Irwin, 61.
The shares were transferred to a third company, solely held by his daughter Courtney Irwin, 34, on August 5. Mr Irwin remains a director and secretary of V24, which is also the registered owner of his luxury Isle of Capri home.
The Bulletin sent the tradie’s words to Mr Irwin and his daughter via their lawyer, public relations representative and personal mobiles.
There was no response.
Pivotal owed 169 unsecured creditors – mostly small business owners – $6.17m when it collapsed in May.
The liquidator found the company had traded at “consistent losses” since November 2020 and anticipated unsecured creditors could receive between 11c and 20c for every dollar they’re owed. For some, it could be too little, too late.
The words below are published with full permission from the subbie.
In the words of a desperate tradie:
33 Elkhorn settled today. They got their million dollars plus. The agent got his big commission. It’s all down a rabbit hole with everything else they have.
I know it’s not just Pivotal and I know it’s so many tradies but we have to continue to shine a light on this because they get to walk away and we’re left with what?
I have under $1000 in my account with a baby on the way and partner to support.
This can’t be right. I’m trying to book more work but it’s hard and I’m so stressed.
Do I hold up a bank? Do I hold up a grocery store? It’s just not me, I can’t do it, I want to do the right thing and I feel so wronged.
I’m a good man. I work hard. I didn’t do anything wrong yet I’m so in the shit.
I ordered Pizza Hut for dinner because they have a $5 special. It’s a kids’ meal and I’m starving but it’s OK.
My pregnant wife’s doctor says she needs nutrition. I went to Coles to get her some vegetables and am trying to cook those now. I just can’t understand this.
Please write something. If I know what you need then I’ll do it. I’ll give the words, I can help with the story.
We’re sitting around job sites talking about this every day. I’ve seen men in tears. I take $20 or $50 out of my wallet and give it to some of these guys where I can just so they can feed their family.
I’m sitting here with a $5 pizza and tears in my eyes not sure how I’m going to pay rent this week, next week, the week after. Fuel, electricity, water.
I worked as a loyal and faithful contractor to Pivotal for many years and was paid on time every time (sometimes even early with bonuses) until liquidation day when none of us were given notice and it was game over.
Sorry I have been drinking a bit lately to cope with the stress so some of my emails have been a mess. But trying to stop this before my baby girl comes.
I’ve also just started medication for depression and anxiety in the last month.
Please ask these people for explanations. Please ask them for statements. These funds hit their bank accounts today and we don’t see a penny.
This has devastated us, torn us apart.
Tell me this story isn’t dead in the water. Thank you for your effort.
What Pivotal Homes director Michael Irwin had to say about the tradie's situation:
No response.
What Courtney Irwin said:
No response.
Disappearing act: Cash gone as magician’s company in liquidation
A company directed by a veteran Gold Coast magician and entertainer has gone into liquidation, with the performer unable to pull any money out of his hat for the tax office.
How ‘dumb luck’ launched a $1 trillion opportunity
Stonepeak founder Mike Dorrell was in the right place at the right time. But the highly sought after fund manager is rewriting the rules on infrastructure.