Creditors of Cubitt's Granny Flats and Home Extensions have voted to liquidate the company after no binding purchase proposals were received.
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The company collapsed in February with debts of almost $7 million.
Administrators identified 373 creditors, including several from the Hunter Region.
About $400,000 has been recouped to date from the sale of company assets including company plant, equipment, motor vehicles and display homes at Maitland Road, Mayfield and Wollongong.
Company Administrators RSM Australia advised Friday's creditors' meeting that NSW-based construction firm Acrow Homes Pty Ltd had purchased Cubitt's business names, intellectual property, project records, and exclusive rights to its customer list.
Administrator and RSM Australia Partner Richard Stone said Acrow had already reached out to Cubitt's 130 clients, whose homes had been on hold since the builder entered voluntary administration to advise them that Acrow was ready to "restart, reinvigorate and complete" their projects.
"While this is welcome news, the administrators understand this has been a very challenging and stressful period for everyone involved," he said.
"The failure of one business has a domino effect on so many people, from staff, to clients, suppliers and other stakeholders. Today, these impacts are being compounded by a fragile economy and businesses and households who are doing it tough."
Mr Stone said that the return to creditors was uncertain at this stage and would be subject to future recoveries.
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.
