The Director of Beechwood Homes (NSW) Pty Limited (ACN 132 370 104) (“Beechwood”) Mr Vittorio (Vic) Cavasinni has formally appointed Worrells partners Mr Graeme Beattie and Mr Aaron Lucan as Voluntary Administrators.
Voluntary Administration (VA) is a formal, temporary protective process which triggers a brief moratorium on creditor actions while an independent adviser investigates corporate finances and recommends a way forward.
Mr Beattie said: “Half-built homes don’t help anyone. We’re hoping to reach an outcome that’s in the best interests of Beechwood’s customers as well as its creditors.
“That is, we’re aiming for an expedited sale of the business as a going concern, or an eventual transfer of building contracts to a third-party homebuilder via a Deed of Company Arrangement”.
Mr Beattie and Mr Lucan will continue the business sale discussions commenced by Beechwood with potential industry acquirers; all of whom are reportedly willing and able to finish the partially completed homes on the builder’s books.
At the same time, they’re prioritising direct discussions with affected customers concerned about the status of their builds.
“Once we’ve spent one to three days stabilising the business, we’ll personally contact each of the 38 affected customers to hear their concerns first-hand, while answering any and all questions about the VA process”, said Mr Beattie.
Customer enquiries
Email: beechwood@worrells.net.au
Phone: (02) 8844 1228
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Stuart Barton
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