On 26 May 2022, Chris Cook and James Robba of Worrells were appointed liquidators of Pivotal Homes Pty Ltd, which trades as Pivotal Homes.
Pivotal Homes is a Gold Coast-based residential home builder company that has been building homes “that look good from every angle” for Queenslanders for more than 15 years.
It is understood approximately 103 buildings are due to be completed for families throughout South East Queensland.
Mr Cook said, “the directors appointed liquidators following a devastating combination of company pressures from ever-increasing trades and supply costs, along with relentless wet weather causing delays in completing projects.
The building and construction industry is traditionally susceptible to financial pressures; however, these sad and very troubling circumstances were beyond any turnaround proposition.”
The Worrells’ teams are now investigating Pivotal Home’s financial position and exploring the options for the best way to wind up operations, make any optimal recoveries available, and to take expert care of the creditors, investors, and employees in a dividend process.
The company has 16 employees with outstanding entitlements yet to be verified.
Eligible employees have recourse through the government’s Fair Entitlement Guarantee Scheme for certain outstanding employee entitlements when company assets are unable to meet those debts.
“As it’s day one in this appointment, we’re doing our best to establish the financial position, and work-in-progress. We’re very conscious and empathetic to the impact it will have on everyone involved.”
Worrells advises it will continue to give updates as they become available.
Creditors and concerned parties regarding the liquidation are invited lodge a proof of debt via the Worrells website www.worrells.net.au and can contact the Worrells teams at email@example.com.
Worrells is the leading brand of insolvency and turnaround teams. With local teams in Qld, NSW/ACT, Vic, and WA, Worrells also has the support of a national brand. Its teams has helped people and business recover from difficult financial situations and assisted the creditors attached for over 49 years.
Principal, Worrells Brisbane