Court action over bankrupt builder’s family house
The owner of a Brisbane building company that collapsed owing more than $5.5m now faces legal action over his family home in an exclusive suburb.
Mansfield-based Bulkbuild Pty Ltd into voluntary administration in June and later liquidators Hall Chadwick's Ginette Muller and Marcus Watters were appointed.
The liquidators have filed an application with the Supreme Court for BulkBuild's sole director Digen Hur's interest in a two-storey mansion in Carindale.
According to CoreLogic Mr Hur, who is now bankrupt, is a co-owner of a house in Carindale which he bought in 2015. The property is valued at $1m, according to a recent report to BulkBuild creditors.
In the report, liquidators told creditors they had lodged a caveat over the property but were unsure how much equity would be left considering a raft of other claims against the home.
There are a number of caveats on the property including:
* Knauf Plasterboard Pty Ltd over $24,997.96 owed.
* Trend Windows & Doors Pty Ltd over $123,707.59 they claim is owed.
* The liquidators over $480,000 due from the Queensland Building and Construction Commission. The money was guaranteed on Mr Hur's house through the QBCC's Deed of Covenant and Assurance.
Ms Muller confirmed that she was planning to conduct a public examination of all the parties who had an involvement in Bulkbuild - both in management and in a consultancy role.
She said she is also in preliminary discussions with a litigation funder who is likely to offer funding so that she can pursue various alleged uncommercial transactions that were identified during the course of her examination.
The QBCC suspended Bulkbuild's licence on March 11 for its failure to meet minimum financial requirements.
However, it reinstated the licence on April 7 after Bulkbuild showed that it had taken steps to improve its position to the point where it met its financial requirements.
At the time Bulkbuild went into voluntary administration in May it was working on the Ferro Property Group's West End apartment project, London Residences.
According to Bulkbuild's website, Mr Hur has been involved in a number of high-profile projects in NSW and Queensland worth up to $670m.
Some of the projects in Queensland include the Jephson Hotel in Toowong, Aldi in the Fairfield Gardens shopping centre and the Yan Jian Australia HQ in the Brisbane CBD.
In NSW, the company's projects included the Sydney ABC television building, UWS School of Medicine, Lidcombe Juvenile Justice Centre, Sydney Park Village and the Zenix building in Erskineville.
The Courier-Mail tried to contact Mr Hur for comment.