Major Sydney building firm collapses owing $2.4million – leaving one family with no house
- The Garozzo family may never have their home built after their builder folded
A Sydney family may never have their dream home after the firm contracted to build their house folded with outstanding debts amounting to $2.4million.
Jada Group collapsed after the 10-year-old company owed 45 creditors $2.4million, a June report from Mac Insolvency lodged with ASIC revealed.
The Garozzo family had signed the building company in November 2020 to build a two-storey, four-bedroom property on land they purchased in North Kellyville.
But the family is now residing in an apartment with their house unfinished after costs from the builder soared from $800,000 to $1.9million, reports News.com.au.
A family waiting to have their dream home built has been left in ‘limbo’ after building company Jada Group collapsed earlier this year owing creditors $2.4million (pictured, Jada construction site)
The Garozzo’s face the prospect on forfeiting a large sum of money they had already sunk into their home.
‘We still don’t even have a slab on our property and our builder has gone into liquidation. We put down a $150,000 deposit … and we can’t move forward,’ Mrs Garozzo said.
‘We are concerned with the cost of products skyrocketing in that time and now with the anticipated property price drops of about $400,000, that if we do build and overcapitalise, we will then owe more money than property is worth.’
Mr and Mrs Garozzo say Jada Group left them in ‘limbo’ after the company sent out a letter in March revealing they had gone into liquidation.
More to come
The Garozzo family signed the 10-year firm in November 2020 to build a two-storey, four bedroom house on land they purchased in North Kellyville. Stock image
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