Close Menu
  • Home
  • News
  • Sport
  • Entertainment
  • Local History
  • Contact Us
  • Advertise With Us
  • About Us
  • Subscribe
  • Read Our Newspapers Online
    • Read the Latest Western Port News
    • Read the Latest Mornington News
    • Read the Latest Southern Peninsula News
    • Read the Latest Frankston Times
    • Read the Latest Chelsea Mordialloc Mentone News
  • Competition
  • Home New
Facebook X (Twitter) Instagram
Wednesday, July 2
Breaking News
  • E-bike rider charged following fatal collision in Hastings
Facebook X (Twitter)
MPNEWSMPNEWS
  • Home
  • News
  • Sport
  • Entertainment
  • Local History
  • Contact Us
  • Advertise With Us
  • About Us
  • Subscribe
  • Home New
Breaking News
MPNEWSMPNEWS
Home»News»Fears as peninsula builder goes bust
News

Fears as peninsula builder goes bust

By Jo WinterbottomOctober 3, 2012Updated:February 28, 2014No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

A MORNINGTON-based construction company has gone into receivership owing 92 creditors almost $465,000 and raising fears it could be the first of more bankruptcies due to a softening in the building industry.

The 92 people and companies listed as being owed money by Nepean Constructions (Australia) were notified of the company’s demise in a letter from liquidator David Vasudevan. It came as a surprise to many, particularly those still working on construction sites on the peninsula.

Michael Knoop, proprietor of Alltrade Scaffolding, which is owed $7784, said he knew of one Nepean Constructions building site where a delivery of timber was accepted after the company had gone into receivership, but before creditors were notified.

“What I’m upset about is these peo­ple were working on site just two days before we got our paper work [announcing the liquidation],” he said.

Mr Knoop said he knew of family homes being built by the compnay that were unfinished.

With economic conditions in the building industry on a general downward trend, there were fears companies and sub-contractors owed money could be badly affected by the closure.

“Money is getting tight at the moment and something like this could have a domino effect,” he said.

Mr Vasudevan of Pitcher Partners was appointed liquidator on 27 Septem­ber after a meeting with Ne­pean directors Peter Friedl and Ste­phen Juffkins on 20 September.

A meeting of creditors will be held on Monday (8 October).

Mr Vasudevan told creditors he would provide a preliminary assess­ment of Nepean Constructions’ finan­cial position and liabilities at the meeting.

A summary of assets provided by Nepean Constructions indicated the company had about $84,000 of realisable assets and about $464,600 in debts at the time of entering liquidation last Thursday.

Alltrade Scaffolding building David Vasudevan Michael Knoop Mornington Nepean Constructions Peter Friedl Pitcher Partners Ste­phen Juffkins
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Peninsula no place to be if you’re a heritage building

July 2, 2025

Railway station scam

July 1, 2025

Flinders result unaffected by poll blunder – AEC

July 1, 2025

Grand Hotel’s tower revamp signals new chapter for icon

June 26, 2025
Add A Comment
Leave A Reply Cancel Reply

You must be logged in to post a comment.

Peninsula Essence Magazine – Click to Read
Peninsula Kids Magazine – Click to Read
Letters to the Editor
Property of the Week

14 Bass Street, McCrae

June 3, 2025
Council Watch

Shire secures $3.9m to tackle road safety

June 16, 2025

Kinder flyer flag snub prompts councillors to take over

June 10, 2025
100 Years Ago This Week

Baxter – On The ‘Wallaby’ with a walking group

July 1, 2025
Interview

Firefighter shows skills from sea to snow

February 5, 2024
Menu
  • Home
  • News
  • Sport
  • Entertainment
  • Local History
  • Contact Us
  • Advertise With Us
  • About Us
  • Subscribe
  • Home New
About

Established in 2006, Mornington Peninsula News Group (MPNG) is a locally owned and operated, independent media company.

MPNG publishes five weekly community newspapers: the Western Port News, Mornington News, Southern Peninsula News, Frankston Times and Chelsea Mordialloc Mentone News.

MPNG also publishes two glossy magazines: Peninsula Essence and Peninsula Kids.

Facebook X (Twitter)
© 2025 Mornington Peninsula News Group.

Type above and press Enter to search. Press Esc to cancel.