A melbourne family are celebrating the news their builder has gone bust, finally giving them hope of finishing their partially-built home.
Last Friday, Melbourne-based bespoke building company Avra Group (Aust) Pty Ltd collapsed into liquidation.
It’s a relief for David Favretto, 45, and his family, who have been in limbo all year as they waited for Avra Group to uphold their end of the building contract.
“The red flags started to pile up,” the dad-of-three told news.com.au.
The homeowner is hoping his family will be eligible for an insurance payout, which is automatically triggered when a building company appoints liquidators.
But the situation is made more complicated by the fact he terminated the contract prior to Avra Group’s collapse.
He says it’s a bit of a “grey area” about whether his family is entitled to any compensation.
Mr Favretto signed a $900,000 building contract with Avra Group mid-2022 and for the first three months, everything went to plan.
But then there were lengthy delays. When the building firm finally did install a subfloor, it was just hours before a large downpour of rain, and it wasn’t covered.
When Mr Favretto inquired with the building company, a representative informed him “it…