While there are many challenges that come with building a house, it probably can’t get much worse than hearing your builder has gone bankrupt and that work to your home has stopped, effective immediately.
The so-called ‘profitless building boom’, triggered by the COVID pandemic, is still playing out in the Australia construction sector, seeing thousands of home builders collapse with more still to come, according to industry watchers. If you’re signing a contract to build your own home, it’s important to know what to do if it happens to you.
Why are builders going bankrupt?
Australia’s construction industry is still feeling the effects of the COVID-era ‘perfect storm’ that has sent thousands of builders, and associated trades, to the…
