Glenwood Homes builder ready to ‘ face the music’
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.