Creditors hold their breath as Porter Davis clients meet in Brisbane, Melbourne
Creditors owed million of dollars following the collapse of builder Porter Davis are meeting in Melbourne and Brisbane.
A partially finished Porter Davis home is seen in Rochedale, south of Brisbane, Friday, March 31, 2023. Building works will stop immediately on more than 1700 properties in Victoria and Queensland as a result of the collapse of Porter Davis. (AAP Image/Jono Searle) NO ARCHIVING
The company fell over in late March leaving about 1700 homes in limbo in Victoria and Queensland.
Earlier in June, liquidators Grant Thornton released a statutory report revealing the builder may have been trading while insolvent from February 2023.
Some 560 Victorian clients were not covered by insurance despite paying the construction giant before it collapsed, forcing the state government to establish a $15 million bailout scheme.
Simonds Homes and Metricon Homes have committed to finishing off some of the incomplete houses.
The company had about $147m in debt when it suddenly shut.
Porter Davis customers and trades are among ordinary unsecured creditors owed $71.5m however are unlikely to receive a dividend, according to the report.
The Commonwealth Bank of Australia is owed $33m, which is likely to be paid in full.
Chesapeake Pty Ltd and employee priority creditors are likely to get a partial dividend.
