Kilburn-based homebuilder Cubic Homes Pty Ltd has been ordered into liquidation by the Queensland Supreme Court.
Local building supplier Keith Timber successfully applied for a winding up order over unpaid debts.
Master Builders’ Association CEO Ian Markos told InDaily his organisation had received a series of complaints from subcontractors about Cubic Homes, who claimed it had failed repeatedly to pay for goods and services in recent months.
It’s the wrong company and I’m tired of this today – and in future, call the correct people
Another corporate entity based at the same Kilburn address, Cubic Homes Constructions Pty Ltd, was taken to court by a creditor in March.
When InDaily called the phone number on the Cubic Homes website this morning, seeking comment on the liquidation of the first company (Cubic Homes Pty Ltd), a representative describing herself as the secretary of the second company (Cubic Homes Constructions Pty Ltd), said we had contacted the wrong entity.
She claimed several companies were based at the address and she was tired of them being confused.
“It’s the wrong company and I’m tired of this today – and in future, call the correct people,” she said.
She declined to provide contact details for the first company’s director, Mawson Lakes man Mohammad Mustafa Salimey, saying: “do your research… you’re the journalist”.
According to ASIC records, Salimey is the current director of the first company, while Salisbury Downs man Anthony Giorgi is a former director.
The opposite is true for the second company, where Giorgi is current director and Salimey is former director.
Giorgi and Salimey are shareholders in both companies.
Markos said Cubic Homes was one of several residential building companies that had gone under over the past year.
“Cubic Homes wasn’t a Master Builders member but I am aware a number of our subcontractor members are owed money,” said Markos.
“Over the past few months a number of our subbies contacted us complaining that invoices had not been paid.
“This has a ripple effect right throughout the industry and wider economy.”
He said many of the recent insolvencies demonstrated the importance of sound financial management.
“There are definitely lessons to be learnt for the industry from the recent insolvencies, in particular the importance of understanding accounting and financial business matters,” he said.
“Proper cash flow management is absolutely crucial.
“From what we have heard many of these builders went under because they underestimated the cost of building homes and survived as long as they did purely because they were paid in advance of their invoices.”
Steven Michell of PCI Partners has been appointed to manage the liquidation of Cubic Homes Pty Ltd. A spokesperson said he was unavailable for comment.
UPDATE: Federal Court records show the claim against Cubic Homes Constructions was dismissed. A legal representative for the plaintiff, Ceiling Concepts, declined to comment.
InDaily contacted Keith Timber for comment.
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