Nicheliving Holdings, together with subsidiaries Projex Management and Construction and Rubix Future and Building - Voluntary Administration

Nicheliving Holdings, a Perth-based builder, together with subsidiaries Projex Management and Construction and Rubix Future and Building, entered voluntary administration on 6 November.

The administration comes after Nicheliving reached a deal with the WA government last month under which the government agreed to pick up the bill for Nicheliving to waive its insurance liability — which could be as high as $40 million – and the company agreed to give up its building registration for 10 years.

The deal also allowed more than 200 homeowners with unfinished homes to terminate their contracts with Nicheliving and to access their home indemnity insurance with QBE (worth up to $200,000) to find a new builder to complete the work.

Richard Tucker and John Bumbak of KordaMentha were appointed voluntary administrators and said they are undertaking an urgent assessment of the companies’ affairs and financial position. They are also assuring homeowners with contracts with Nicheliving that they can continue to pursue their home indemnity insurance claims to get their homes completed by another builder, while WA Consumer Protection Commissioner Trish Blake is assuring homeowners that their deposits are safe in trust accounts.

Nicheliving Group’s development arm is not affected by the appointment of the voluntary administrators and will continue on a business-as-usual basis.