Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Builder's Pay-Back 'Falters'

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Builder's Pay-Back 'Falters'

Article excerpt

Byline: Mark Bode

THE administrator of failed Sunshine Coast builder Steve Miller has cast doubt on the businessman's ability to pay back unsecured creditors.

Mr Miller, who closed Miller Homes without warning last week, has been phoning creditors to assure them he has sufficient assets to cover his debts. But administrator PKF's first comments on the state of Mr Miller's businesses, ahead of the initial creditors' meeting next Wednesday, paint a very different picture.

PKF spokesman Stuart Gardiner said it was still early days, but at this stage the news was not good for unsecured creditors of Mr Miller's three companies, Miller Homes, Miller Homes No.1 and M&M Constructions.

"Assets will be sufficient to meet the secured creditors and employees, however, the firms also owe some $2 million to 70 unsecured creditors, mainly suppliers and subcontractors," Mr Gardiner said.

PKF revealed Mr Miller had contracts to build 18 homes on the Sunshine Coast - ranging in price from $220,000 to $280,000 - when it folded. …

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