gold coast construction company Pivotal Homes, which has built more than 1,500 homes during its 15 years of operation, has been placed into liquidation.
Key points:
- Pivotal Homes was placed into liquidation on Thursday afternoon
- Its director says rising costs have made operations unviable
- The company employees 16 staff on the Gold Coast
“Unfortunately, the rising costs which are impacting many in the industry throughout Australia have made our operations unviable,” managing director Michael Irwin said on Thursday afternoon.
“In my 30 years’ experience, I have never seen a set of circumstances like this and obviously we are not alone in these unfortunate conditions facing the industry.
“We are absolutely devastated for our 16 Pivotal Homes employees and assure all creditors, contractors and subcontractors have been paid in full.”
Derek Cronin of Cronin Miller Litigation, which is acting on behalf of the company, said Pivotal had 103 contracts under construction and another 177 pending council approval.
Mr Cronin said increased trade costs, delays, the pandemic and recent weather events had affected the industry.
“Sadly, this is a result of a whole range of factors which are quite prominent in the industry at the…