Brisbane building company MSN Homes collapses leaving a trail of financial destruction and owing money to dozens of tradies
Traders are owed thousands and creditors more than a million dollars after yet another construction company went bankrupt.
Brisbane-based MSN Homes went into receivership last month, leaving a trail of financial destruction.
Up Instagram page, MSN Homes promotes itself as ‘award-winning design’ and ‘luxury living is our standard’.
ASIC documents show thousands of dollars have been made out of pocket, more than $1.5 million is owed to 27 other unsecured creditors and the company has a tax bill of $230,000, the newspaper reported. Courier mail.
Last month, Businesses Reset on the Sunshine Coast was appointed administrator for MSN Properties Pty Ltd, trading as MSN Homes.
Brisbane construction company MSN Homes was placed into administration last month
ASIC documents show thousands of dollars have been made out of pocket, more than $1.5 million is owed to 27 other unsecured creditors and the company has a tax bill of $230,000.
ASIC documents list the company’s directors as Mandeep Narang of North Lakes.
He is also a director of MSN Enterprise Group Pty Ltd, which is listed as a creditor and owed $1,200,000.
Brisbane-based Ideal Stairs and Handrails is owed $26,466 for materials supplied to MSN HOMES.
The business owner said he doesn’t know what happened to MSN Homes, but that they were slow to pay bills.
He said other builders he has worked with have also collapsed.
Another Brisbane company owes more than $12,000 to MSN Homes.
Corliss Painting and Decorating owner Alisha Corliss said she was working on new homes in Brisbane’s north and south and they were in poor condition, with water damage and mould.
The collapse of MSN Home hasn’t just affected traditional homes; homeowners are left with unfinished homes.
“We bought land in Mango Hill and he never built the house. He just walked away,” MSN Homes customer Lovekesh Kakkar told the Courier.
He said he now uses another construction company, but has lost $300,000 doing business with MSN Homes.
Another homeowner, Mohammed Shameen, bought land four years ago.
He said he received a letter from MSN Homes saying they couldn’t afford building materials due to Covid and they promised to refund him, but they didn’t.
‘I have no money to finish the house, there are no floors, the plumbing isn’t done yet. “I can’t even move in, I’m paying $540 a week in rent and I don’t have the money to finish it,” he said.
A former MSN Homes sales consultant said he is owed $5,000 in commission.
MSN Homes had its low-rise builder license revoked by the Queensland Building and Construction Commission on July 12, 2023, for ‘failure to meet financial requirements’. The suspension was later lifted on July 21, 2023.
The suspension was later lifted on July 21, 2023.
