Troubled home builder Inspired Property Group collapses, leaving dozens of unfinished projects
A family-run home builder has become the latest construction company to collapse.
Perth based Inspired Property Group went into administration on Tuesday, leaving 70 unfinished construction projects.
Rob Kirman and Rob Brauer from McGrathNicol were appointed as the administrators and have already begun an inspection of the company’s books.
The administrators have pledged to work with staff, suppliers and customers to procure ‘the best outcome for all parties’.
Inspired Property Group initially reported major delays in 2023, while many customers have been waiting up to four years for their houses completed.
West Australian Premier Roger Cook recently met with impacted customers and vowed that resolving the company’s unfinished constructions was a top priority.
Customers have since been advised they will be able to trigger any home indemnity insurance claims that may be eligible since the company went into administration.
These claims will allow homeowners to seek other services which will allow them to continue their home building work.
Inspired Property Group went into administration on Tuesday
Customer David Daff was ‘absolutely elated’ that the construction of his new home would finally be able to continue.
‘Words can’t describe the feeling,’ Mr Daff told The West Australian.
‘Tears, joy, the entire group (of customers) . . . just feels relief.
‘It feels like we’re finally out of this prison.’
Premier Cook had previously wrote to the corporate regulator requesting a review of Inspired’s finances.
The administration will be ‘a step towards a resolution’, a spokesperson for the State Government told the publication.
The spokesperson said its priority is to get customers into their new homes as soon as possible.
Mr Spaseski (left) said the family owned business had relinquished their rights
Inspired director Vas Spaseski said he accepted the decision with a ‘deep sadness’
Inspired director Vas Spaseski told the publication that he had accepted the decision with ‘deep sadness’.
He said the ‘family-owned’ business had strived to create homes but that rising combined with material shortages had forced the company made this goal impossible.
Mr Spaseski thanked his customers for the ‘trust our clients have placed in us over the years’.
He added that he would work with administrators to secure the best outcomes for stakeholders in his business.
