An assetless Nicheliving entity will be wound up by liquidators after directors Ronnie Michel-Elhaj and Paul Bitdorf moved to reclaim the other outfits.
An assetless Nicheliving entity will be wound up by liquidators after directors Ronnie Michel-Elhaj and Paul Bitdorf moved to reclaim the other outfits.
Rubix Future Building Technology, one of the three Nicheliving entities plunged into administration last month, will be voluntarily wound up, according to an ASIC notice.
It's understood the entity does not hold any physical assets, unlike the parent company of the embattled builder which the directors moved to buy-back earlier this week.
It comes after the pair passed a vote to regain control of two of the three Nicheliving entities for $2.7 million in a creditor meeting on Wednesday.
The directors only lobbed a deed of company arrangement – a deal to buy-back the entities – for Nicheliving Holdings and Projex Management & Construction.
Nicheliving Holdings is the ultimate parent company that’s understood to hold the majority of assets while Projex was the registered building arm- before it was banned.
The deed of company arrangement did not encompass Rubix Future Building Technology Pty Ltd, nor was a separate deal put on the table for that assetless entity.
Rubix is a creditor of the parent company Nicheliving Holdings for the preliminary sum of $1.36 million. Projex is a creditor of Rubix for $30,201, according to a report.
On the other hand, Projex is a creditor of Nicheliving Holdings for $11.2 million.
The administration, and now liquidation process, is being managed by Perth-based insolvency experts John Bumbak and Richard Tucker of KordaMentha.
The liquidators will now continue to sift through the affairs of Rubix.
Mr Michel-Elhaj and Mr Bitdorf emerged as the successful bidders for the two entities following a marketing campaign to attract suitors.
The pair will still need to satisfy certain conditions to regain control of the other two entities, including the sale of their Northbridge property.
It comes two months after Nicheliving agreed to drop its fight to regain its builder’s registration - initially cancelled on financial grounds – opening the pathway for impacted homeowners to access $200,000 in home indemnity insurance.
In turn, Mr Michel-Elhaj and Mr Bitdorf agreed to a state government-imposed ban on operating or starting a new registered building contractor businesses for a decade.
Upon calling in administrators, Nicheliving said its property development and real estate divisions were unaffected by the restructuring process.
Nicheliving was contacted for comment.
