Almost 40 parties have expressed an interest in buying Cubitt's Granny Flats and Home Extensions, which collapsed last month with debts of almost $7million.
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Administrators have identified 373 creditors to date.
Administrator RSM Australia Partner Richard Stone told the meeting that investigators had identified more than $1 million in assets and about $6.8million in liabilities.
"We appreciate this is an incredibly difficult and uncertain time for everyone associated with the company - customers, staff, sub-contractors, and suppliers - however we are working as quickly as possible to find a quality purchaser to take over this business and to re-engage workers and recommence projects. That is our primary objective at this point in time," he said.
The company went into administration on February 26 after 30 years of family ownership.
Mr Stone told creditors Cubitt's faced financial difficulties due to a range of reasons including fixed price contracts, record levels of material costs, and insurance prices.
The business was listed for sale three days after the administrators were appointed.
The sale includes more than 100 housing contracts that were either underway or ready to start, four showrooms located in Sydney, Newcastle, Wollongong and Canberra, vehicles and equipment and the business name.
``To date we have received 38 expressions of interest, which reflects market confidence in the quality of the business," Mr Stone said.
Hunter creditor Adrian Ryan, whose business Airleck is owed about $250,000, said he was dissatisfied with the answers provided to creditors at the meeting.
"Very few of the questions I asked were answered," he said.
"In the meeting there were at least 10 clients that said they paid a 50,000 deposit and received nothing. Not even drawings. Right up until the last day they (Cubitt's) were accepting deposits.
"Money is being drained out of the company and all creditors are looking at receiving nothing as it stands now."
Creditors have been advised that the Administrators will lodge their first statutory report on the company's affairs with the Australian Securities and Investments Commission by 5 April 2024.
"To date we have identified 373 creditors who are owed approximately $6.8 million. However, these figures may change as we continue our investigations,'' Mr Stone said.
"The Cubitt family are working alongside the Administrators as are key staff members who have been retained to provide continuity and support during the Administration process.''
Any creditors affected by the administration of Cubitt's should contact RSM via email at cubitt@rsm.com.au.
Matthew Kelly
Matthew Kelly has worked as a journalist for more than 25 years. He has been working as a general reporter at the Newcastle Herald since 2018. In recent years he has reported on subjects including environment, energy, water security, manufacturing and higher education. He has previously covered issues including the health and environmental impacts of uncovered coal wagons in the Hunter Valley, the pollution of legacy of former industrial sites and freedom of information issues.
Matthew Kelly has worked as a journalist for more than 25 years. He has been working as a general reporter at the Newcastle Herald since 2018. In recent years he has reported on subjects including environment, energy, water security, manufacturing and higher education. He has previously covered issues including the health and environmental impacts of uncovered coal wagons in the Hunter Valley, the pollution of legacy of former industrial sites and freedom of information issues.
