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A family-run home builder has become the latest construction company to collapse.
Perth based Inspired Property Group went into administration on Tuesday, leaving 70 unfinished construction projects.
Rob Kirman and Rob Brauer from McGrathNicol were appointed as the administrators and have already begun an inspection of the company's books.
The administrators have committed to collaborating with employees, partners, and clients to achieve 'the optimal result for everyone involved.'
The Inspired Property Group first reported significant delays in 2023, with numerous clients having waited as long as four years for their homes to be finished.
Recently, West Australia's Premier, Roger Cook, had meetings with affected customers and assured them that addressing the unresolved building projects of the company is now his main focus.
Customers have subsequently been informed that they can initiate any home indemnity insurance claims that might qualify following the company’s entry into administration.
These claims will allow homeowners to seek other services which will allow them to continue their home building work.
Customer David Daff was 'absolutely elated' that the construction of his new home would finally be able to continue.
'Words can't describe the feeling,' Mr Daff told The West Australian .
'Tears, joy, the entire group (of customers) . . . just feels relief.
'It feels like we're finally out of this prison.'
Earlier, Premier Cook had written to the corporate watchdog asking for an examination of Inspired's financial situation.
The administration will serve 'as a step toward a resolution,' according to a spokesperson for the The state government informed the magazine.
The spokesperson stated that their main focus is to get customers into their stores. New houses at the earliest opportunity.
The inspired director Vas Spaseski informed the magazine that he had embraced the choice with 'great sorrow.'
He mentioned that the 'family-owned' enterprise had aimed to build houses, however, increasing costs along with supply shortages of materials have rendered this objective unattainable for the firm.
Mr Spaseski expressed gratitude to his customers for the 'confidence our clients have shown in us throughout the years'.
He mentioned that he will collaborate with administrators to achieve the most favorable results for the stakeholders in his enterprise.
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