A court has spared an embattled building company from going into liquidation despite mounting debts, a “long line of creditors”, and the landlord repossessing the office space.
On Wednesday morning, melbourne-based Como Homes Pty Ltd was called in the Victorian Supreme Court after disgruntled creditors initiated winding up proceedings against the business in January.
Judicial Registrar Gitsham ordered an adjournment on the case for three months to give the company director time to sell a property to settle the debts, which total nearly $1 million.
“The family home that is being sold by the defendant is listed for settlement in September,” Como Homes’ solicitor, James Shannon, told the court.
Mr Shannon said the company’s director was seeking to sell the property to pay back the debts, but said only some of them were “legitimate ones”. “Not all (debts) are acknowledged,” he added.
The solicitor also said his client, Como Homes, had reached an agreement with the main plaintiff in the case, Flooring Xtra, who claimed they were owed $141,000, according to court documents.
However, 12 other supporting creditors had joined the case, including the Commissioner of State Revenue, which is now seeking to be substituted as…