When you’re in the process of building or renovating a home, the last thing you want to hear is that your builder has gone bankrupt. Unfortunately, this can happen, leaving you in a difficult position. If you find yourself in this situation, it’s important to know what steps to take next.
Contact Your Insurer
Your first step should be to contact your insurer. If you have taken out a policy that covers you for builder insolvency, your insurer may be able to provide some financial assistance. Be sure to have your policy details on hand when you call.
Contact Your Bank
If you have taken out a loan to pay for the construction or renovation work, you should contact your bank as soon as possible. If the builder has gone bankrupt, it’s likely that they will not be able to complete the work. Your bank may be able to provide some advice on how to proceed and may also be able to assist with any outstanding payments.
Contact the Queensland Building and Construction Commission (QBCC)
The QBCC is the regulatory body for the building and construction industry in Queensland. They have a number of resources available for people who have been affected by builder insolvency, including a dispute resolution service. You should contact the QBCC as soon as possible to discuss your options. GW Homes has a proud history of working closely with the QBCC to help clients finish their dream home when the original builder has gone bankrupt.
Seek Legal Advice
It’s a good idea to seek legal advice if your builder has gone bankrupt. A lawyer can provide you with advice on your legal rights and obligations and can help you to navigate the complex legal issues that can arise in these situations.
Consider Your Options
Depending on your specific circumstances, you may have several options available to you. These may include:
- Finding a new builder to complete the work.
- Negotiating with the builder’s liquidator to have the work completed.
- Pursuing legal action to recover any losses.
In situations where the original builder has gone bankrupt, it can be difficult to find a new builder who can take on the work and complete it to a high standard. However, GW Homes is known for its exceptional customer service and ability to work with clients who have been left in a difficult position. We have a team of experienced builders who can take over the project and ensure that it is completed to the highest standards, with minimal disruption to the client. With a commitment to quality and customer satisfaction, GW Homes is a great option for anyone who finds themselves in this situation.
Contact us today for no-obligation advice if your builder has recently gone bankrupt.