GJ Gardner Homes Bathurst was one of the most prominent homebuilding companies in New South Wales. Some of its products included home designs, investment packages, and land buying opportunities. It also had a vast number of employees working for it. Moreover, GJ Gardner Homes Bathurst had contracted suppliers and other business partners to work with the company including Geoff Bennett. Sadly, the company collapsed with all of his money.
The demise of this previously successful business took place in August 2017 when the company winded up its operations voluntarily. This liquidation left 77 creditors unpaid. It owes Geoff Bennett $100,000. It is highly unlikely that Bennett will ever see his hard-earned money. Instead, he has to cope with the loss anyway he can. For example, Bennet is selling his home to cover his debts. He is also working seven days a week to make both ends meet.
The sad part is Bennet had suspected that something was amiss at GJ Gardner. In fact, his suspicions started six months before the company’s collapse. Prolonged payments triggered his misgiving about the financial health of the firm. Then a peculiar thing started happening at the company. The management team would tell Bennet and other contractors that they would receive their payment for a previous job if they would complete another one in future.
Bennet decided that he had had enough of these peculiarities, so he confronted the company’s director, Luke Farraway. Farraway assured Bennet that everything was okay. In fact, he told Bennet that he would receive payments for each job through installments. He further added that Bennet would receive all overdue payments by December 2017. The company did not last for that long. It winded up its operations in before September.
Farraway looked at him in the eye and shook his hand as he told him that everything was going to be all right. That infuriates Bennet because he feels that Farraway deceived him. Bennet is also angry because the company was operating under insolvency since October 2016. That means it ran for close to one year even though it was insolvent. During that time, the company accumulated debts of more than $1.1 million according to an expert liquidator known as Chad Rapsey.
How could the company operate for so long even though it was in a deplorable state of financial health? Bennet would like answers to these questions. In fact, he wants the laws governing liquidations to change to prevent an occurrence of a similar situation in future. Never again should a company such as Aluka Constructions, which owned GJ Gardner Homes Bathurst, walk away with nearly $1.3 million in debts owed to unsecured creditors.
Today, Bennet is just thankful to West Best Plumbing who helped him throughout his ordeal. The builders he worked for encouraged him as well. They also gave him working opportunities. His staff members stuck by him as well working overtime to complete the jobs that had consistent and regular payments. Bennet realized that he would work for the next two years to regain his lost fortune, but he is ready for the task because he knows that he can make it.