A family-owned Sunshine Coast builder has gone into liquidation, reportedly owing more than $4 million and leaving customers with unfinished projects and financial losses.
Immackulate Pty Ltd, which traded as Immackulate Designer Homes, had operated since 2009 and according to its website had completed more than 100 homes.
ASIC documents show the company is directed by Kenneth, Mitchall and Matthew Mackenzie and its principal place of business is in Marcoola.
Anne Meagher from SV Partners was appointed as liquidator by a resolution of the company’s members on November 19.
An Initial Report to Creditors was filed by SV Partners on November 28 outlining Immackulate’s financial position. It shows the company owes an estimated $4,126,560.99.
Sunshine Coast News was contacted by a client of Immackulate who said they signed a contract with the company in June, before learning of its financial position on November 20.
“This has left us with nothing, for $400k, on a build in Palmwoods,” they said.
“There are other clients affected by this as well.”
The client said they purchased the land at Palmwoods in August 2023 after selling their home in Peregian Springs. They began discussions with Immackulate in December last year before the contract was signed for $1.4 million.
Site preparation commenced in mid-July and in August basic footings and some block work were laid, but by mid-October they said work had stalled despite paying almost $400,000 in invoices.
SCN has seen messages sent by the client to the company in early November querying why a temporary toilet had been removed from the site and why little progress had been made on the build.
“Is this because there is no toilet on site? Or are there other issues?” they asked.
The company’s debts include $718,780.28 to 23 secured creditors and a further $3,407,780.71 to 113 unsecured creditors.
The largest amounts owed to individual unsecured creditors are for $919,236.30, $531,114.37 and $356,800. The ATO is owed $82,005.16.
NAB is listed as a secured creditor owed $324,759.95.
The document says the company’s total assets are unknown but lists an estimated valuation of $1,607,631.01, of which $235,340.24 is subject to specific security interests.
The company’s records indicate its work in progress and debtors total $242,335.33 and $10,309.06 respectively.
The report also details a related party loan account, with the liquidator saying they were investigating the capacity for repayment and would “take steps to recover the debt owed where it is commercial to do so”.
“The company’s records indicate that MKM is indebted to the company in the sum of $1,065,866.39 at the time of liquidation. MKM is a related entity of the company, sharing a common director,” it states.
“MKM also provided a deed of covenant and assurance (QBCC deed) to the QBCC which provides that MKM is liable to pay the company $1,000,000 in the event of a liquidation. I am confirming if the deed is current and the $1,000,000 is owing.
“The directors of the company also previously signed QBCC deeds in 2016 and 2019, respectively, making them liable to pay $400,000 in total (jointly and severally) to the company in the event of a liquidation.”
The social media pages for Immackulate appear to have been deactivated but its website provides details of the company.
“Within just over a decade, Immackulate has grown to one of the Coast’s most recognisable firms, employing a core team of professionals and over 120 on-site contractors per project,” it says.
“They have been recognised publicly with numerous awards (and) successfully designed, built and completed over 100 houses ranging from $500,000 to $2,500,000 project costs.”
Immackulate was contacted for comment but no response was received.
