More than 50 home building companies put themselves forward to take on the work in progress of collapsed builder Builton, with JWH Group emerging as the administrators' top choice.
KordaMentha managing partner Cliff Rocke has taken on a new role, joining the Perth office of the advisory firm that is handling the collapse of residential construction group Builton.
The collapse of yet another Western Australian residential builder appears set to further upset the delicate state of the sector, with financiers, insurers, 350 trade creditors and as many as 130 home owners facing losses.
One of state's biggest residential construction firms, Builton Group, has succumbed to the financial stresses engulfing the sector, appointing an external administrator earlier today after reports of the company's financial troubles emerged last week.
Rental, hiring and real estate services were among the industries that fared worst as external administrations jumped 14 per cent in Western Australia for the September quarter, as insolvency experts warn that an economic rebound has not yet clearly emerged.
Osborne Park-based builder Quattro Homes has been placed into administration, the fourth residential builder in Western Australia to collapse in the past three months.
Perth business executive Tim Brady is planning to list his new software business AssetOwl on the ASX through a $6 million reverse takeover of Regalpoint Resources.
SPECIAL REPORT: WA's economic slowdown hasn't led to the dramatic rise in insolvencies many had expected, according to leading industry representatives.
A big group of Western Australian farmers is among unsecured creditors expecting to receive as little as 7 cents in the dollar from the collapse of failed fertiliser supplier Superfert Dongbu.
