Another building company collapses with tradies out of pocket

Tradies are owed thousands and creditors over a million dollars after yet another building company collapsed.

Brisbane-based MSN Homes was placed into administration last month, leaving a trail of financial destruction.

On its Instagram page, MSN Homes promotes itself as offering ‘award winning design’ and ‘luxury life is our standard’.

ASIC documents show tradies are out of pocket by thousands of dollars, over $1.5million is owed to 27 other unsecured creditors and the company has a tax bill of $230,000, reported the Courier Mail.

Last month Businesses Reset on the Sunshine Coast was appointed as administrator for MSN Properties Pty Ltd — trading as MSN Homes.

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 ASIC documents list the company’s directors as Mandeep Narang of North Lakes. 

He is also a director for MSN Enterprise Group Pty Ltd, which is listed as a creditor, owed $1,200,000.

Brisbane-based Ideal Stairs and Handrails is owed $26,466 for materials supplied to MSN HOMES.

The company owner said he doesn’t know what happened to MSN Homes, but they were slow to pay invoices.

He said other builders he has worked with have also collapsed.

Another Brisbane company is owed more than $12,000 by MSN Homes.

Corliss Painting and Decorating owner Alisha Corliss said she worked on new homes across north and south Brisbane and they were in appalling condition, with water damage and mould.

The collapse of MSN Home hasn’t only hit tradies – homeowners have been left with unfinished homes.

‘We bought land in Mango Hill and he never built the house. He just ran away,’ MSN Homes customer Lovekesh Kakkar told the Courier Mail.

He said he is now using another building company, but had lost $300,000 dealing with MSN Homes.

Another homeowner Mohammed Shameen purchased land four years ago.

He said he received a letter from MSN Homes that due to Covid they couldn’t afford building materials and they promised to repay him, by didn’t.

‘I don’t have money to finish the house, there’s no floors, the plumbing is not done. I can’t even move in, I am paying $540 a week for rent and I don’t have money to complete it,’ he said.

A former sales consultant for MSN Homes said he is owed $5,000 in commission.

MSN Homes had its low rise builder licence cancelled on July 12, 2023 by the Queensland Building and Construction Commission, for ‘failure to satisfy financial requirements’. The suspension was later removed on July 21, 2023.

The suspension was later removed on July 21, 2023.