{"id":45688,"date":"2024-01-17T11:16:25","date_gmt":"2024-01-16T22:16:25","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=45688"},"modified":"2024-01-17T11:27:36","modified_gmt":"2024-01-16T22:27:36","slug":"montego-homes-goes-into-administration","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/montego-homes-goes-into-administration\/","title":{"rendered":"Montego Homes goes into administration"},"content":{"rendered":"

PHOTO: Montego Homes<\/strong><\/p>\n

Yet another construction company<\/a> has entered voluntary administration, leading to an immediate halt on all ongoing projects. Montego Homes, based in Victoria, has enlisted Cor Cordis as administrators, initiating a prompt assessment of the company’s financial standing and actively seeking a buyer for potential business restructuring or recapitalization.<\/p>\n

Administrators stated, “We’ve initiated an urgent review of Montego Homes’ financial position and are urgently seeking a buyer to restructure or recapitalize the businesses. We will provide regular updates to all stakeholders as we navigate through the voluntary administration process.”<\/p>\n

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\"Victorian-based<\/div>\n<\/div>\n

Victorian-based Montego Homes appointed Cor Cordis as administrators on Monday<\/p>\n

Specializing in house and land packages, Montego Homes currently has 18 projects, all of which have been temporarily suspended. The pause affects around 90 customers, and 11 employees have been laid off. Some customers have reported difficulties contacting the builder.<\/p>\n

The Victorian Managed Insurance Authority has issued 78 domestic building insurance policies to Montego Homes since 2021. Master Builders Victoria CEO Michaela Lihou attributes the company’s collapse to the mounting pressures of inflation, interest rates, and supply and demand challenges.<\/p>\n

Privium Homes stops work on their construction sites<\/a><\/p><\/blockquote>\n