Pindan sinks, property owners advised of next steps
By Maja Garaca Djurdjevic
20 May 2021
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1 minute read
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Property owners affected by the sudden closure of the Pindan Group are being urged to immediately contact their home indemnity insurance provider.
Following a failed attempt to bring in a new investor, the Pindan Group entered administration earlier this week, leaving some 1,400 creditors $80 million out of pocket.
Of the total, the group of creditors includes some 500 subcontractors and 400 trade suppliers, with many expected to fall by the wayside given the sheer volume of claims.
Samuel Freeman of Ernst and Young was appointed as liquidator of Western Australia’s construction giant Pindan on Tuesday.
Date Time
Guidance for property owners affected by Pindan administration
Building and Energy is advising property owners affected by the closure of the Pindan Group to immediately contact their home indemnity insurance (HII) provider, QBE Insurance (Australia) Ltd.
Pindan Group entered external administration on Tuesday. The group includes four registered building contractors which carried out commercial, government-funded building projects and residential work:
Pindan Constructions Pty Ltd (ACN 159 837 500; BC101770);
Pindan Contracting Pty Ltd (ACN 120 076 360; BC12373);
Pindan Homes Pty Ltd (ACN 612 210 643; BC101771); and
Pindan Projects WA Pty Ltd (ACN 130 857 617; BC101769).
Building and Energy Executive Director Saj Abdoolakhan said people with HII policies whose homes are under construction by a Pindan building contractor should contact QBE to discuss arrangements for the completion of their homes.
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Trade credit insurance policy is largely purchased by a borrower of funds to overcome from events of a death, disability, unemployment, and others. It is generally marketed as a credit card feature and is largely available to credit card customers with the monthly cost charging a low percentage of the card s unpaid balance. Trade credit insurance engages in covering several commercial & political risks for businesses & individuals in the market.
Attributed to increased trade, which includes issuing letters of credit (LCs), receivables & invoice finance, and others, the demand for credit insurance has accelerated and is expected to maintain its dominance during the forecast period. In addition, increase in commercial threats while trading and several benefits provided by credit insurance are major factors that drive the market growth. However, varied & conflicting trade regulations across different jurisdicti
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