Family-owned Langford Jones Homes, which builds homes in melbourne’s bayside, southeast and Phillip Island, ceased trading last Thursday.

There are about 65 building developments at various stages of completion, with more than 250 creditors owed more than $10 million, liquidators RSM Australia partners Jonathon Colbran and Richard Stone Partners said in a statement on the company’s website.

The builder’s shareholders injected extra funds to keep the business afloat for “some time” but the situation proved untenable due to market conditions, including rising labour and material costs and the impact of a recent cyberattack.

“The company recently experienced a significant cyber-attack, higher costs for labour, supplies and materials, supply chain delays and skilled labour shortages and all of this has resulted in substantial financial losses to the business,” Mr Stone said.

“This perfect storm of supply and labour shortages and high costs are a common theme across the building and construction industry at the moment and unfortunately, it’s become unsustainable for Langford Jones.

“Our task now is to co-ordinate the…