Victorian home builder Harmac Group has today joined the long list of construction companies in financial strife in 2023, with Shaun Matthews and Barry Wight of restructuring advisory firm Cor Cordis appointed as voluntary administrators.
The appointment relates to four of the group's subsidiaries - Harmac Homes, Harmac Constructions, Harmac Urban Living and Ridge Homes.
Other entities in the group are not subject to the administration.
It is unclear how many projects the group currently has under construction, but Cor Cordis notes there has been a pause on construction works while the administrators urgently assess the business operations and explore all options to restructure or recapitalise the businesses, including through a deed of company arrangement.
Operating in Melbourne and regional Victoria, the group has display homes in Bendigo, Werribee, Ballarat-Winter Valley, Donnybrook, Mickleham-Merrifield Estate, Sunbury and Leopold.
"We’ve commenced an urgent review of the Harmac Group’s financial position and are working with parties to develop a proposal to restructure the business," the administrators say.
"We’ve set up an email address for customers, employees, and creditors. We will be providing regular updates to all stakeholders as we work through the voluntary administration process."
Other builders currently in the process of administration include the Gold Coast's GCB Constructions and Sydney developer Toplace.
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