According to the first liquidators’ report for Diamond Homes, the company employed more than 100 staff at its peak and was heavily reliant on work from its principal contractor.
However, from 2024 there was a sudden and significant reduction in work available from that contractor, resulting in the company carrying a workforce no longer supported by its reduced revenue.
Wang advised liquidators the company took steps to reduce staff numbers and restructure its operations but because of continuing financial pressure, the choice was made to call in the liquidators.
McDonald Vague has prepared an initial statement of affairs for each of the three companies. However, Zhang, speaking to the Herald, emphasised that many of the figures listed…