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A London plumber told me once he spends a lot of time in super poorly made new builds. Construction firms build them super shitty but with a five/ten year guara
by iamben 8y ago
A London plumber told me once he spends a lot of time in super poorly made new builds. Construction firms build them super shitty but with a five/ten year guarantee, take the money, then declare themselves bankrupt. The guarantee is worthless because the firm is gone, they make a ton of cash on the build, they set up again and rinse and repeat. I assume it's a little more complicated than that, but he said he'd seen it a lot and spends a lot of time fixing problems he shouldn't. Is this similar in Sydney?
- ObsoleteNerd 8y agoYup spot on. They're famous for going bankrupt and reappearing under new names.
- rosege 8y agoPhoenixing - ASIC was meant to be cracking down on that but I hear from ppl that work there they cant be bothered with small companies and mainly want to focus on banks etc.
- jnellis 8y agoThis was the underlying plot of the movie Jack Reacher; shady construction firm that goes from city to city.
- mcbain 8y agoSo the usual Meriton SOP is to retain control of the body corporate for the duration of the builder’s liability so that they can’t start proceedings against the builder (Aus strata title, body corp coverered here: https://www.lawsociety.com.au/for-the-public/know-your-rights/strata-title https://www.lawsociety.com.au/for-the-public/know-your-right...). Strata title laws have been changed recently, but the system is slow to catch up to these cowboys.