The Commissioner of State Revenue has moved to wind up the company which owns the Library nightclub site, once controlled by Modco Residential founders.
A former Modco Residential director has acknowledged and deeply regretted the stress caused to the collapsed builder's customers, a tribunal decision shows.
The liquidators in control of collapsed builder Modco Residential have warned a return to creditors is “uncertain” as they continue to wind up the failed company.
The building industry watchdog will pursue the cancellation of Modco Residential's builders' registration following liquidators being appointed to wind up the failed building business.
The Federal Court has ruled to wind up failed building venture Modco Residential in insolvency after slamming its lawyer's attempt to oppose the court action initiated by an unpaid creditor.
Failed building business Modco Residential's glamorous co-founder Cynthia Lu is claiming she is owed $2.5 million from the collapsed residential building company.
Embattled builder Modco Residential could allegedly owe about $5 million to up to 50 creditors as its co-founder spruiks interest in reviving the collapsed residential building business.
It might seem ambitious for a new business to promise to build homes for 84 customers. But that's exactly what one salesperson did in a single month in 2020.
