THE Portland Hotondo Homes franchise owes more than $1 million to a long list of creditors across the south-west and beyond, with little chance of anyone being repaid what they are owed.
Keith Sutherland, from Bent & Cougle Insolvency Administrators, Melbourne, said on Wednesday more than $770,000 was owed to about 75 unsecure creditors. On top of that there is more than $280,000 owed to secure creditors in Hotondo Homes and the National Australia Bank and $67,000 owed to employees and the Australian Taxation Office.
The Hotondo Homes franchise in Portland was operated by Heywood couple Tony and Narelle Schultze, and started operating in November 2009.
Mr Sutherland said the business was placed into liquidation on Monday after the business ceased trading around Easter time.
“There is more than $770,000 owed (to unsecure creditors) and whilst I am still awaiting a complete list of assets it appears there will be no return at this stage,” Mr Sutherland said.
He said there will be a meeting of creditors in Portland on April 30 and a notice of liquidation had been forwarded to all creditors earlier this week.
Read more in Friday’s edition of the Portland Observer.