Glen­wood Homes builder ready to ‘ face the mu­sic’

Townsville Bulletin - - Investor - Nick Dal­ton

CAIRNS builder Udo Jat­tke will face up to the cred­i­tors he owes nearly $ 36 mil­lion to next week.

He has pledged to at­tend the first cred­i­tors‘ meet­ing in Townsville to ‘‘ face the mu­sic’’.

‘‘ I‘ ll be at­tend­ing the first cred­i­tors’ meet­ing. I‘ m be­ing up front about this,‘‘ Mr Jat­tke said.

He said he would ex­plain his side of the col­lapse of Homes Pty Ltd associated com- Glen­wood and other pa­nies.

G l e n w o o d H o m e s a n d Glen­corp Prop­erty Man­age­ment Pty Ltd were placed in vol­un­tary ad­min­is­tra­tion by Mr Jat­tke last Fri­day.

He laid off 24 staff in Cairns and Townsville, closed the busi­ness and handed in his build­ing li­cence.

In fur­ther moves the Com­mon­wealth Bank has ap- p o i n t e d r e c e i v e r s Kor­daMen­tha to some of his com­pa­nies.

Bill Buckby and Robert Hut­son of Kor­daMen­tha are the re­ceivers to five com­pa­nies: Glen­corp Prop­erty Man­age­ment Pty Ltd, Clifton Waters Pt y Lt d , Cl i f t o n B e a c h V i e w s P t y L t d , Riverview Res­i­den­tial Pty Ltd and Water­side Res­i­den­tial Pty Ltd.

Joint ad­min­is­tra­tor Glenn Miller said mil­lion was owed to se­cured cred­i­tors, $ 23 mil­lion was owed to con­tin­gent cred­i­tors and $ 5.8 mil­lion was owed to un­se­cured cred­i­tors, in­clud­ing sub-con­trac­tors, sup­pli­ers and em­ploy­ees.

He said there were 304 un­se­cured cred­i­tors, in­clud­ing em­ploy­ees who were owed some wages and en­ti­tle­ments as well as su­per­an­nu­a­tion.

Mr Miller said it was likely Glen­wood would be placed in liq­ui­da­tion.

He said the re­ceivers would sell as­sets to pay se­cured cred­i­tors.

Oth­ers in­clude the Bank of Queens­land, CNH Cap­i­tal Aus­tralia, Esanda Fi­nance and United Fi­nan­cial Ser­vices Cap­i­tal.

Mr Miller said only five of the 48 houses would be com­pleted.

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