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Category: Business, Economics and Finance / Housing Industry / Government and Politics

Liquidator documents detail Bob Day's creditors

Thursday, 27 Oct 2016 14:03:46 | Angelique Donnellan

Bob Day remains a senator despite flagging last week he would resign. (AAP: Lukas Coch)

Documents from the liquidator of Senator Bob Day's failed business show Homestead Homes, the South Australian arm, has more than 180 creditors seeking payment.

Those owed big sums include Burns Ceilings ($745,804), Mannix Air-Conditioning ($406,815), Boral Construction Materials ($237,742), Northern Sand and Metal ($191,679) and Austral Bricks ($117,540).

The tax office is owed $119,646 and Revenue SA $13,920.

The estimated realisable value of Homestead Homes' assets is put at $603,637, far short of a $10 million figure previously mentioned.

The information has been released by liquidator McGrathNicol ahead of creditors' meetings to be held late next week.

Homestead Homes is part of Home Australia, which went into liquidation last week.

Subsidiaries including Huxley Homes in New South Wales and Ashford Homes in Victoria also owe money to hundreds of creditors.

Unsecured creditors are owed at least $12.5 million, while the National Australia Bank is owed about $17 million.

Senator Day announced last week he planned to quit Federal Parliament because his position was untenable, but this week back-tracked and said he was considering staying on.

Greens senator Sarah Hanson-Young said a replacement for Senator Day should be chosen immediately.

"I suspect there are people in the Government who have always relied on the Family First vote and they don't want him to go, because they want to use his vote," she said.

"Bob, you've said you're going to go, let's put in the paperwork, let's move on get on with the rest of your life and start rebuilding."

McGrath Nicol said there was interest in Home Australia from various parties. It has more than 200 homes under construction across five states.

AustraliaPlus


 

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