31/05/2017 - 11:19

Local builder goes bust after watchdog warning

31/05/2017 - 11:19

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Local builder goes bust after watchdog warning
An architect's rendering of one of Turquoise Developments' multi-residential projects, in Rockingham.

Mount Hawthorn-based builder Talbot Le Page Homes has been placed into administration, just more than a month after the Building Commission warned consumers over its financial capacity.

Late last month, the Building Commission put out a public warning against Turquoise Developments, which trades as Talbot Le Page Homes, acting on information it received questioning the builder’s ability to pay its debts.

A week later, the Building Commission imposed a condition on Turquoise Developments’ contractor registration, prohibiting it from taking on new jobs.

At the time, the Building Commission said it had not been contacted by Turquoise Developments regarding its financial status, which necessitated the stop-work order.

Earlier this week, the Australian Securities and Investments Commission announced administrators at FTI Consulting had been appointed to the company on May 25.

As well as being a builder of high-end detached houses, Turquoise Developments was active in the multi-residential space, having built apartment projects across a wide range of suburbs, including West Perth, Leederville, and Innaloo.

The company also provided design, marketing, project management and commercial office fitout services.

FTI Consulting will hold the first meeting of creditors on June 6.

 

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