ONE of Central Queensland's largest builders Meldavaly Homes has today been placed into liquidation.
In the last decade, the Meldavaly Group has completed 462 projects in the Emerald region, worth just over $102 million dollars.
Director Peter Edwards said: "We were highly geared in property, which has been revalued by the banks at 58% less than it was worth 18 months ago, due to the downturn here in Emerald.
"When the banks make a call, they make a call. We have explored every option to keep the business alive and are gutted to be left with no choice."
Mr Edwards said he will sell the family home in order to help pay off creditors. "My wife and I are selling up everything we own."
Queensland Building and Construction Commission (QBCC) Commissioner, Steve Griffin said the company's building licence was immediately suspended on July 9, 2014 due to concerns about its financial position.
"Once we learnt of the company's financial position we suspended the builder's licence in order to prevent the company from incurring further debt with subcontractors and suppliers and entering into contracts with consumers it could never meet," Mr Griffin said.
Given the impact on employees, subcontractors, suppliers and consumers, the appointment of a liquidator to the building company is very disappointing.
"There is, however, good news for consumers who have entered into contracts with Meldavaly Homes," Mr Griffin said.
"Fortunately the home warranty insurance scheme operated by the QBCC will enable them to get back deposits and complete their homes with other builders.
"The Commission has begun to contact effected consumers. However, we encourage homeowners who have concerns about incomplete or defective work performed by Meldavaly Homes to contact the QBCC 24/7 on 139 333."
Subcontractors and suppliers who believe they are owed money by Meldavaley Homes are advised to contact the appointed liquidator, Hall Chadwick, on (07) 3211 1250.