Families fleeced by bankrupt building company owed millions

Victorian families ripped off by a bankrupt builder have been told they are owed millions, but face a fight to ever see their cash again.

Benson Fong was left with an unfinished home and hefty bills to rectify shoddy work. Picture: Jake Nowakowski

Dozens of devastated families left high and dry by a collapsed building company and stuck with unfinished homes are owed a total of $2.3 million.

But victims have been told they’re unlikely to see their money returned because the former director of the company remains bankrupt.

Liquidators probing the collapse of 3 Point Homes last year have submitted a report to corporate regulator ASIC showing the company may have been trading while insolvent for almost three years.

This is despite whistleblowers warning about the company and its former director, Nikola Jandreoski, as far back as 2019.

The Sunday Herald Sun revealed last year a trail of wreckage linked to the company, with land owners alleging they paid Mr Jandreoski hefty deposits but little or no work was carried out.

When confronted with the allegations, the builder told the Sunday Herald Sun last year that “w**kers” were trying to ruin him before admitting to some mistakes and saying “nobody is perfect”.

Builder Nikola Jandreoski was the director of the building company 3 Point Homes, which collapsed in 2021.

In its report to ASIC, ordered by the Supreme Court, liquidators SV Partners say the failed business had $3.29 million in liabilities, with almost $3m unsecured.

Of money owed, $2.28m was from homeowners while almost $338,000 was from various trade businesses that had done work that wasn’t paid for.

“Preliminary investigations reveal that the Company may have traded whilst insolvent from at least 30 June 2018,” the report says.

The liquidators say that because any claims for cash were against Mr Jandreoski’s bankrupt estate, it was unlikely any money would be recovered.

“I have made inquiries with the Primary Former Director’s bankruptcy trustee and have been advised that a dividend to unsecured creditors is unlikely,” it says.

Victims said the case showed how weak corporate and building industry regulators were given that warnings about 3 Point Homes were issued in 2019.

Complaints were also made to local government, state authorities, consumer watchdogs and even police.

“Some of these organisations were notified almost 2 and a half years ago and so far all of them have done absolutely nothing,” one victim said.

“More needs to be done to protect the consumer.”