Creditors for the builder met and approved a deed of company arrangement, which would see the company’s debt repaid over the next few years.
Wincrest chief executive officer Michael Caruana told the Australian Financial Review "we are delighted to have rescued the company, injected fresh capital and new operating systems to deliver new homes to our existing and new customers."
The Wincrest news comes as Queensland-based Miller Homes went into administration with debts of more than $1 million. The AFR reports Miller Homes has had to abandon construction of at least nine homes, and hasn’t started building new homes which it has received deposits for.
NSW-based builder Westminster Homes is also in administrsation after unpaid suppliers abandoned the group.
Other home builders to collapse recently include Beechwood Homes (leaving about 350 customers with unfinished homes) and Queensland Real Property Construction, which had 233 unfinished homes on its books. Newport Homes is another builder to have collapsed, leaving 43 homes in Brisbane and the Gold Coast, under construction.