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Oracle Building Corporation, which trades as Oracle Platinum Homes and Oracle Hunter Homes, went into liquidation on Wednesday, with all staff terminated immediately and no further building works to be undertaken by the company.
About 70 employees lost their jobs.
Bill Cotter and W. Roland Robson of Robson Cotter Insolvency Group were appointed liquidators of the company, which operated in Queensland and New South Wales.
In a statement, the liquidators said they understood the total creditor claims may be in the vicinity of $14 million and that close to 300 home owners would potentially be affected.
“Projects range from not-yet-commenced through to nearing completion,” the statement said.
“The company’s staff have been terminated effective from the date of the liquidators’ appointment.”
“What I can tell you is that there are 386 policy holders who have taken out policies with work being undertaken by Oracle Homes during the past two years,” she said.
“We will be reaching out to each and every one of those policy holders to get in touch with them to offer them our assistance.”
Ms Levy said it was “a very sorry day for [home owners and] a very difficult time in the industry”.
“My heart goes out particularly to these home owners who are investing their life savings and probably what’s one of the biggest investments in their lives,” she said.
The liquidators said company director Tom Orel was fully cooperating with them with a view to maximising the prospects of recovery for all classes of creditors.
The liquidators said Mr Orel had highlighted the issues facing the construction industry, including “the recent and rapid rise in costs of construction materials”, which he said impacted the company’s margins.
Mr Orel also noted “substantial delays experienced in securing supply of materials and labour,” the liquidators said.
Signs were there, home owner says
Oracle Platinum Homes’ liquidation follows a string of construction companies going under, including Langford Jones Homes, Probuild, PlanBuild, BA Murphy, Privium Homes and several others around the country.
Ms Levy said increases in the cost of materials, skills shortages, the pandemic and flooding events had created insurmountable problems for many businesses.
She said a dedicated team had been established to support those affected and that the Building and Construction Commission (QBCC) would ensure every effort was made to get people into their homes as quickly as possible.
Ms Levy said the Queensland Home Warranty Scheme meant home owners could seek support directly from the commission.
