Creditors and customers of failed building company Porter Davis have been handed a detailed report into the firm’s collapse by its liquidators.
Grant Thornton released the report on Wednesday.
“This detailed report provides our preliminary findings in relation to the circumstances leading up to the Porter Davis collapse, including our preliminary investigations to date,” Grant Thornton said in a statement.
“Investigations are continuing and further updates will be provided to creditors as the liquidations progress.”
The report also details the likelihood of a dividend and payments for priority employee claims, as well as secured and unsecured creditors.
A creditors meeting will be held in Melbourne and Brisbane on June 28.
About 1700 homes across Victoria and Queensland were left in limbo when Porter Davis suddenly collapsed in late March.
Some 560 Victorian clients were not covered by insurance despite paying the construction giant before it went into liquidation, forcing the state government to set up a $15 million bailout scheme.
The Victorian government says it will overhaul the Domestic Building Contracts Act to give watchdogs greater powers to monitor construction firms.
A new offence will be created for companies that fail to immediately take out insurance with the Victorian Managed Insurance Authority after customers pay their deposit.
The Queensland Building and Construction Commission is dealing with claims from the Porter Davis fallout, with about 200 customers affected in the state.
– AAP
