SYDNEY – On Wednesday 14 May, following the appointment of voluntary administrators by the Directors of Beechwood Homes on Tuesday 13 May, David Lombe and Chris Campbell from the Deloitte Corporate Reorganisation Group were appointed by a secured creditor as Receivers and Managers of Beechwood Homes, being made up of L.E.D. Builders Pty Limited, L.E.D. (North Coast) Pty Limited, L.E.D. (South Coast) Pty Limited (All Receivers and Managers Appointed) (In Administration).

Beechwood Homes is an Australian owned family company that was started in the early 1980s, and is currently building approximately 350 homes.

The Directors appointed a voluntary administrator on Tuesday 13 May without the consent or knowledge of the secured creditor.  As a consequence the secured creditor took steps to appoint Receivers and Managers.

At this point the Receivers are assessing the company’s affairs and are determining the ability of the company to continue to trade. At this stage it is too early to provide an indication of the eventual outcome for the stakeholders including creditors and home buyers or make any comment as to the reasons for the companies’ failure.

Prior to the Receivers appointment the company had preliminary discussions with a number of parties interested in buying the business.  The Receivers are endeavouring to speak with those and other interested parties who may wish to purchase the assets of the company.

The Receivers will also be contacting the respective home buyers to inform them of the position of the company and its ability to complete their homes.

For further general information on the receivership process, please refer to www.asic.gov.au/insolvencyinfosheets.