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A construction company that was part of Australian construction giant Cavalier Homes has collapsed with at least $680,000 in debt.
Station 293 Pty Ltd, established in Victoria in 2015, was plunged into liquidation on Friday.
The housebuilder was trading under construction company Cavalier Homes Geelong and Nathan Downing Builders.
Cavalier Homes Geelong is one of 19 franchises operated by leading building operator Cavalier Homes.
Traders were left in the lurch after construction company Station 293 Pty Ltd went into liquidation last Friday (stock image)
Liquidator Clifford Sanderson has been appointed and has been contacted by more than 40 creditors, news.com.au reported.
The director, Nathan Downing, told him that he was owed about $687,000 and that only two projects were active at the time of the company’s bankruptcy.
“Normally it turns out to be more than what the principal initially said,” Ms Sanderson told the publication.
Daily Mail Australia has contacted Mr Sanderson and Mr Downing for further comment.
The collapse of Cavalier Homes Geelong has not affected staff employed by the company, but Mr Sanderson said “many, many traders”, as well as a major bank and the ATO, are listed as creditors.
Cavalier Homes Geelong had been in business since 2017.
The Geelong branch of Cavalier Homes no longer appears on the company’s website.
The company attributed its collapse to difficult economic conditions and limited financial assistance from banks.
Cavalier Homes Geelong (pictured) collapsed with at least $680,000 in debt
According to their website, Cavalier Homes is an “affordable home builder” that is “dedicated to providing quality without paying a premium price.”
The collapse of Station 293 Pty Ltd comes after construction company Main Facilities Pty Ltd was placed into administration last Wednesday.
Workers at the company were informed via Zoom that they had all been laid off, after the company collapsed owing $7 million to creditors.
A massive 2,349 construction companies have gone bust in Australia over the past year, as the sector continues to battle a period of high inflation.
The RBA held interest rates steady at 4.35 per cent on Tuesday as Australians and businesses continue to struggle with the ongoing cost of living crisis.
Cavalier Homes has been contacted for comment.