As the effects of an International recession continue to hit all industries, one New Zealand modular factory is forced into bankruptcy with over $1,000,000 in deposits for new homes in limbo.
Auckland, New Zealand-headquartered Podular Housing Systems Ltd (public website has been removed) had promised customers to build them a modular home in its factory before delivering it completed to their property within months of the build plans being finalized.
Instead, they’ve paid more than $500,000 in progress payments on the house they now believe may never be built.
The liquidation announcement comes after six families spoke to the Herald earlier this month, describing being left in tears and feeling physically sick from the stress and “chaos” of dealing with delays by Podular. Collectively, at least 6 families are at risk of losing more than $900,000.
“Whatever happens we’ll be out of pocket, but I don’t know whether we’ll lose everything or will be able to recover some small amount,” one customer said.
CLICK HERE to read the entire NZ Herald article
Gary Fleisher is the Editor in Chief of Modular Home Source and Offsite Builder. Email at [email protected]
Gary Fleisher, Editor in Chief of Offsite Construction Magazine
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