Prestige Melbourne home builder Canny Builders goes into voluntary administration
The prestige Melbourne home builder Canny Builders has entered voluntary administration.
Builder Damian Canny called in the accounting firm PKF last Friday with the administrators Glenn Franklin and Jason Stone assessing whether the business can be sold.
PKF said it is “already aware of a number of parties interested in the business and the company’s IP.”
The 12 affected owners of home under construction have been contacted, the realestatesource website advised.
Mr Franklin said all efforts will be made to transition these projects as part of a business sale “or facilitate a transfer to builders of the home owners’ choice”.
The Canny Homes division has been building for 25 years with the dwellings typically priced between $1 million to $7 million.
Kip Harding of Red Consulting International, the company accountant, sought the referral to PKF.
Franklin initially met Canny, Harding and the builder's then financial Officer Joshua Williams in late February this year.
In March they discussed a turnaround management plan.
The appointment was to Canny Builders Pty Ltd and CWD Holdings Pty Ltd.
In 2013 Canny took out the 2013 Australian HIA Australian Project Home of the Year award for its Lubelso concept home in Malvern.
The two-storey home features three integrated living zones, four bedrooms and an automated trapdoor to the cellar.
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