This article is from the Australian Property Journal archive
NEW South Wales home builder Procorp Group has appointed Hall Chadwick Chartered Accountants as voluntary administrators.
Hall Chadwick’s Richard Albarran, Brent Kijurina and Domenic Calabretta have been appointed voluntary administrators.
Procorp has been ranked among the top 15 home builders in the state, providing sustainable housing solutions in regional Australia for over 12 years.
Procorp joins a growing list of NSW property companies to have appointed administrators, including Southern Cross, Reed Construction, St Hilliers Construction, Westminster, Cosmopolitan and Kell & Rigby, which was one of Australia’s oldest building companies after starting business in 1910.
Although St Hilliers Construction’s creditors recently approved the deed of company arrangement (DOCA) to return control of the company back to the directors.
Procorp has in excess of 50 employees, 500 creditors and approximately 90 homes under construction and 50 homes where construction has yet to commence, the administrators will be conducting an urgent assessment of the business.
Hall Chadwick said the administrators will conduct an investigation into the affairs of Procorp to determine the factors that have led to their appointment.
The administrators have also been in contact with the NSW Self Insurance Corporation in relation to home warranty insurance claims and will be in discussions with other builders in relation to the continuation of building works as soon as possible.
Property Review
