Developer going bankrupt

Discussion in 'Development' started by Konn, 7th Jun, 2017.

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  1. Konn

    Konn Well-Known Member

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    My parents decided to go purchase an OTP build last year. Many delays, should have been completed last year. Developer is most likely going to go bankrupt because they can't get funding from the bank. They're not experienced in the field and neither am I to be honest but I have the internet, I told them the possible risks going in and I heavily recommended going against it since day 1. They didn't listen, they're stubborn old immigrants and I'm just considered a kid.
    What can they do now? Is there anything they can really do?

    It hits me hard because in foresight and hindsight that $50k deposit would have been better off invested in me. Lol.
     
    Konn, 7th Jun, 2017
    #1
  2. DaveM

    DaveM Well-Known Member

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    First thing is to check where their deposit is - was it released to vendor or held in trust account?

    If it was released as part of conditions of sale and developer going bankrupt , you need legal advice now
     
    DaveM, 7th Jun, 2017
    #2
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  3. Ted Varrick

    Ted Varrick Well-Known Member

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    + 1. Go see a lawyer. Tomorrow.
     
    Ted Varrick, 7th Jun, 2017
    #3
  4. sash

    sash Well-Known Member

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    Sorry to see this....but it is happening a lot more in Sydney and Melbourne...bank funding is mostly to blame...happened last cycle also.
     
    sash, 7th Jun, 2017
    #4
  5. goodtimes

    goodtimes Well-Known Member

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    Sounds like something a kid would say.

    I hope your folks get out of it ok
     
    goodtimes, 7th Jun, 2017
    #5
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  6. Konn

    Konn Well-Known Member

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    Thanks, but also thanks for saying the one thing that ****** me off the most.
    klreh tewolithbewpithwjeovijtewopijtovwetew!!!
     
    Konn, 8th Jun, 2017
    #6
  7. Greyghost

    Greyghost Well-Known Member

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    What's the gibberish at the end?
     
    Greyghost, 8th Jun, 2017
    #7
  8. Scott No Mates

    Scott No Mates Well-Known Member

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    Vogon for ????
     
    Scott No Mates, 8th Jun, 2017
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  9. DaveM

    DaveM Well-Known Member

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    I get that sometimes when my cat walks on my keyboard
     
    DaveM, 8th Jun, 2017
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  10. Brickbybrick

    Brickbybrick Well-Known Member

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    Sounds exactly like my parents. :rolleyes::mad:
     
    Brickbybrick, 8th Jun, 2017
    #10
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  11. Biz

    Biz Well-Known Member

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    A lot of 16-year-old-I-hate-my-dad-angst going on in this thread.
     
    Biz, 8th Jun, 2017
    #11
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  12. Sackie

    Sackie Well-Known Member

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    Blaming the cat for your Jack Daniels eh...
     
    Sackie, 8th Jun, 2017
    #12
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  13. Phantom

    Phantom Well-Known Member

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    If i'm not mistaken, it's Welsh. :D
     
    Phantom, 8th Jun, 2017
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  14. Gypsyblood

    Gypsyblood Well-Known Member

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    Tell us how you go.. your poor parents.. being looted one way or the other..the developers bankruptcy.. or you :p
     
    Gypsyblood, 8th Jun, 2017
    #14
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  15. DaveM

    DaveM Well-Known Member

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    Im a scotch man these days :p
     
    DaveM, 8th Jun, 2017
    #15
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  16. Scott No Mates

    Scott No Mates Well-Known Member

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    Only single malt... I don't want to pay for a blender. :confused:
     
    Scott No Mates, 8th Jun, 2017
    #16
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  17. Biz

    Biz Well-Known Member

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    Reminds me, I have a bottle of Jura I need to crack over the long weekend...
     
    Biz, 8th Jun, 2017
    #17
  18. Scott No Mates

    Scott No Mates Well-Known Member

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    Need a hand?
     
    Scott No Mates, 8th Jun, 2017
    #18
  19. Phantom

    Phantom Well-Known Member

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    I'll help too if required.
     
    Phantom, 8th Jun, 2017
    #19
  20. Biz

    Biz Well-Known Member

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    As if I need help drinking that! Watch out for lots of drunk $hitposting over the next few days...
     
    Biz, 8th Jun, 2017
    #20
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