Tradesmen are owed thousands and creditors more than a million dollars after another construction company collapsed.
Brisbane-based MSN Homes was placed into administration last month, leaving a trail of financial destruction.
On its Instagram page, MSN Homes promotes itself as offering “award-winning design” and “luxury living is our standard.”
ASIC documents show the transactions have thousands of dollars in out-of-pocket losses, more than $1.5 million is owed to 27 other unsecured creditors and the company has a tax bill of $230,000, the ASIC reported. mail.
Last month, Businesses Reset on the Sunshine Coast was appointed administrator of MSN Properties Pty Ltd, trading as MSN Homes.
Brisbane construction company MSN Homes was placed into administration last month
ASIC documents show the transactions cost thousands of dollars, 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 owes $1.2 million.
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 they were slow to pay the bills.
He said other builders he worked with also collapsed.
MSN Homes owes another Brisbane company more than $12,000.
Corliss Painting and Decorating owner Alisha Corliss said she had worked on new homes in Brisbane’s north and south and they were in terrible condition, with water damage and mould.
The collapse of MSN Home has not only affected merchants: homeowners have been left with unfinished homes.
‘We bought land in Mango Hill and he never built the house. He just ran away,” MSN Homes customer Lovekesh Kakkar told the Courier Mail.
He said he is now using another construction company, but had lost $300,000 dealing with MSN Homes.
Another owner, Mohammed Shameen, bought land four years ago.
He said he received a letter from MSN Homes telling him that due to Covid they could not pay for the building materials and they promised to pay him, but they did not.
‘I don’t have money to finish the house, there are no floors, the plumbing is not done. “I can’t even move in, I pay $540 a week in rent and I don’t have the money to finish it,” she said.
A former MSN Homes sales consultant said he is owed $5,000 in commissions.
The Queensland Building and Construction Commission canceled MSN Homes’ low-rise construction license on July 12, 2023 for “failure to comply with financial requirements”. The suspension was later lifted on July 21, 2023.
The suspension was later lifted on July 21, 2023.