Up to 40 families caught in Fargher Construction Limited crash

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THE financial collapse of Fargher Construction Limited has affected almost 40 families around the central North Island.

Pricewaterhouse Coopers was yesterday appointed as liquidator for the housing contruction company, which had the licence to build A1homes in Gisborne, Hawke’s Bay and Taupo.

Liquidator John Fisk said they were aware of 18 contracts so far that had been started but not completed in those three regions. The building stage of each house ranged from 13 to 95 percent complete.

There were another 10 contracts with deposits paid but no building work started, and another 10 contracts where payment for plans had been made but no work started.

“We’ve tried to contact just about every customer," Mr Fisk said.

"We spoke to quite a number of them yesterday morning to let them know we’ve been appointed as liquidators and will consider each of their positions and get back to them early next week.”

He could not estimate how long the liquidation process would take as they had only just been appointed.

“What we are trying to do is get an understanding of each of the contracts. We have a meeting with A1homes on Monday in Hawke’s Bay to see how we can best progress and, from their point of view, if they can satisfy FCL customers, where they can.”

The two people behind FCL are husband and wife directors and shareholders Rob and Sue Fargher. Mr and Mrs Fargher have five companies registered with the New Zealand companies office.

FCL and Fargher Development Limited were incorporated in April 2010 and February 2006 respectively. Both companies also list accountant Denis Woods of Whanganui as sharing 98 percent of the shareholding.

FCL is the only company placed in liquidation.

Three new companies were incorporated in June and July last year without Mr Woods as a shareholder — Fargher Electrical Limited, Fargher Construction- Gisborne Limited and Fargher Construction-Taupo Limited. Mr and Mrs Fargher own 50 percent shares each in those three companies.

A1homes general manager Matt Cunliffe said they would be working with the liquidator next week with the intention of finding a way to ensure homeowners’ builds were completed.

“We understand that Master Builders will also be involved in this process.

“It is up to the liquidator to determine what the assets and liabilities of FCL are and this is a process that may take some time.”

THE financial collapse of Fargher Construction Limited has affected almost 40 families around the central North Island.

Pricewaterhouse Coopers was yesterday appointed as liquidator for the housing contruction company, which had the licence to build A1homes in Gisborne, Hawke’s Bay and Taupo.

Liquidator John Fisk said they were aware of 18 contracts so far that had been started but not completed in those three regions. The building stage of each house ranged from 13 to 95 percent complete.

There were another 10 contracts with deposits paid but no building work started, and another 10 contracts where payment for plans had been made but no work started.

“We’ve tried to contact just about every customer," Mr Fisk said.

"We spoke to quite a number of them yesterday morning to let them know we’ve been appointed as liquidators and will consider each of their positions and get back to them early next week.”

He could not estimate how long the liquidation process would take as they had only just been appointed.

“What we are trying to do is get an understanding of each of the contracts. We have a meeting with A1homes on Monday in Hawke’s Bay to see how we can best progress and, from their point of view, if they can satisfy FCL customers, where they can.”

The two people behind FCL are husband and wife directors and shareholders Rob and Sue Fargher. Mr and Mrs Fargher have five companies registered with the New Zealand companies office.

FCL and Fargher Development Limited were incorporated in April 2010 and February 2006 respectively. Both companies also list accountant Denis Woods of Whanganui as sharing 98 percent of the shareholding.

FCL is the only company placed in liquidation.

Three new companies were incorporated in June and July last year without Mr Woods as a shareholder — Fargher Electrical Limited, Fargher Construction- Gisborne Limited and Fargher Construction-Taupo Limited. Mr and Mrs Fargher own 50 percent shares each in those three companies.

A1homes general manager Matt Cunliffe said they would be working with the liquidator next week with the intention of finding a way to ensure homeowners’ builds were completed.

“We understand that Master Builders will also be involved in this process.

“It is up to the liquidator to determine what the assets and liabilities of FCL are and this is a process that may take some time.”

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