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Porter Davis Homes Wikipedia, Wiki, Age, Biography, Net Worth, News
Porter Davis Homes Wikipedia, Wiki, Age, Biography, Net Worth, News: If clients go uninsured, Prime Minister Daniel Andrews warns late homebuilder Porter Davis could face stiff penalties.
Porter Davis Homes Wikipedia, Wiki, Age, Biography, Net Worth, News
On Tuesday, Treasurer Tim Pallas rejected a bailout of Porter Davis because the company was not viable, according to Andrews, prompting opposition leader John Pesutto to question why the government had not intervened.
Adjusters said Tuesday that some clients may have lost their entire deposit, as the company will not insure new buildings until building permits are obtained, sometimes weeks or months after clients sign a contract.
According to James Collier of the Victorian Managed Insurance Authority, consumers who have paid a 5% deposit but have not yet seen work start will receive a refund if they have VMIA building insurance.
Andrews expressed “very, very concern” Thursday that Porter Davis did not receive that insurance.
There are concerns, if not suspected, that VMIA received insurance premiums, and therefore the policy, for both deposits and construction, according to Andrews.
“I just want to make sure that everyone in this industry remembers that their customers are not there to give you an interest-free overdraft.
“Choosing to introduce such insurance premiums is not a problem. There are severe penalties if you do not activate those insurance premiums, which you are required to do. In Victoria, home building insurance is required for work costing more than $16,000.
Before deciding what help those affected need, Andrews said authorities must first determine how widespread the problem is, assuming it is real. Porter Davis went into liquidation on Friday, affecting 779 clients who had contracts with the bankrupt builder as well as 1,700 buyers who had homes under construction in Victoria and Queensland.
The company asked Pallas for help, but Andrews argued that it was right not to accept it, as the company was unsustainable. The Commonwealth Bank, the group’s majority secured creditor, had previously refused to intervene.
The scale of the problem increased, not decreased, when it was examined by outsiders, according to Andrews. through the administration.
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Categories: Biography
Source: HIS Education