This article is from the Australian Property Journal archive
FAILED New South Wales builder Wincrest Homes has been resurrected after creditors signed a deed of company arrangement yesterday.
At a meeting in early March, 2009, creditors accepted a Deed of Company Arrangement and the company was handed back to the company’s directors on March 10.
This comes just five weeks after the company was placed in voluntary administration and was in the process of building around 200 homes across Sydney for existing and new homebuyers. More than 200 trades people and employees are back on the job with Wincrest.
Construction is well underway on all 103 homes, while 90 dwellings are in their pre-construction phase.
“We thank them, our suppliers and sub-contractors for their support and we are committed to delivering the homes as quickly as possible. Wincrest is achieving very strong sales, particularly from our existing customer base, and we are trading profitably and well in front of budget,” The company’s CEO Michael Caruana said.
Australian Property Journal
