Liquidator Tim Clifton, of Clifton Hall, told InDaily his firm was yet to establish whether or not insurance had been taken out that would ensure those houses do eventually get built.
The company owes 80 unsecured creditors an estimated total of $2.27 million, according to a document registered with the Australian Securities and Investments Commission (ASIC) and obtained by InDaily.
All unsecured creditors are South Australian except for four Victorian and one Western Australian company, and the Australian Tax Office. The ATO is owed an estimated $10,000.
The creditor most out of pocket is AJV Pty Ltd, owed $500,000.
A total of $137,000 is owed to the only secured creditor, Westpac bank.
According to the document, the company has $316,400 worth of assets and $141,000 worth of realisable values.
The home builder’s website says that “We have extensive, long lasting relationships with renowned contractors in the construction industry, providing the highest quality service.”
“We focus on providing superior quality at affordable prices, and creating better futures for the people who live and work in the environments we create.”
InDaily understands the company had applied to become an H2 member of the Master Builders’ Association, suggesting that it builds between 10 and 49 houses a year, and that the membership application had not been ratified.
The company’s ASIC listing says it has been operating since 2013.
Clifton Hall released a statement early this afternoon saying that the directors of OAS Group had blamed a downturn in the housing industry for its collapse.
“The company’s directors have highlighted the continued downturn in the housing industry, increased competition and low margins as the cause of the company’s demise,” the statement says.
“Liquidator Timothy Clifton stated that it was disappointing to see a further building company unable to continue in the marketplace.
“Mr Clifton added that he is considering the full financial position of the company and will report to creditors in due course.”
OAS Group is the latest construction company to go out of business in recent months.
Custom homebuilder Platinum Fine Homes entered voluntary administration last week.
In an opinion piece published by InDaily today, Master Builders’ Association SA CEO Ian Markos writes that the state’s housing industry is struggling.
“Building approvals for private sector houses have declined for 11 consecutive months and are at a five-year low,” Markos writes.
“There is a myriad of reasons for the decline.
“The state’s population growth was less than half the national average last year, keeping a lid on demand. Interstate migration represented a net loss of 6800 people during 2016/17.”
The liquidator advises creditors to contact Josh Brown at Clifton Hall on 7202 1800.
InDaily contacted OAS Group for comment.
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