Wednesday, June 29, 2022

Metricon homes liquidation- Building giant Metricon that collapses

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Metricon homes liquidation- While building giant Metricon, it is an urgent crisis that talks about on the first note after falling into financial crisis.

The sales staff within the company were being instructed for increasing cash flow by securing more deposits, the Herald Sun reported on Wednesday.

Metricon homes liquidation bosses were expected for having a meeting with major clients that included the Victorian Government on Thursday.

The development came just days after the sudden loss of company co-founder Mario Biasin, who untimely demise happened at the age of 71.

The company confirmed Mr. Biasin had been experiencing mental health issues.

Metricon homes liquidation employs approximately 2500 staff, that is primarily situated in Eastern Australia, where it has a pipeline of roughly 4000 homes right after construction.

The Acting CEO Peter Langfelder denied that the company had solvency issues and also added that the business continued to be viable.

“There is simply no basis to these rumours. Metricon homes liquidation is a strong viable business without any solvency problem.”- said the Acting CEO Peter Langfelder.

The biggest challenge that surfaced Australia is to find a home built for Australian families and as the biggest home builder in the country we are the ones to deliver.”       

Construction business all across the Australia are facing difficult times and circumstances in the face of rising materials costs and labour shortages.  

Previously this year, giant firms Probuild and Condev went into liquidation, impacted thousands of staffs and subcontractors.

Government efforts for supporting construction during the Pandemic have boosted production rates beyond what key supply chains can support.

Metricon homes liquidation has been trying to alters, offload or delay contracts for helping deal with the constraints.

Metricon homes liquidation- what people has to say?

One salesperson told the Herald Sun that they owed hundreds of thousands of dollars in commission and were being pushed for securing more cashflow for helping keep the business afloat.

“We have been pressured now to push for as many deposits as possible” they said.

“They are five per cent, so on an $8,00,000 build that’s a $40,000 payment- then buyers would be charged as the build progressed, for the slab, then frame, and many more.”

Mr. Langfelder said the goal was for the company for continuing operating as usual following the sudden loss of Mr. Biasin.

“We are focused on the business running as smoothly as possible, serving all our customers and continuing to get homes to site and completed on time,” he stated.

Chief economist at AMP Capital, Shane Oliver also predicted a significant plunge in the property market, centred on Sydney and Melbourne which he said would plummet 15 percent by the end of 2023 or early 2024.

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