A building company has appointed administrators and all work has urgently been paused, plunging nearly 100 homeowners into limbo.
On Monday, Victorian-based building firm Montego Homes Pty Ltd went into voluntary administration.
Sam Kaso and Shaun Matthews of insolvency firm Cor Cordis have been appointed as the administrators and halted all construction work while they desperately hunt for a buyer.
The building firm, with headquarters in South Melbourne, has reportedly left 90 homeowners in the lurch.
A further 11 people, who were staff at the business, also have an uncertain future.
Montego Homes has started 78 residential building projects since 2021, according to the Victorian Manage Insurance Authority (VMIA).
In a statement provided to news.com.au, the administrators said they were seeking a buyer “to restructure or recapitalise the business”.
They said they had begun an “urgent review” into the Montego’s financial position.
The company was directed by Todd Searle and Lachlan Lyndon.
It was registered as a business on the Australian Securities and Investment Commission (ASIC) five years ago, in September 2019.
On its still-active website, Montego Homes styles itself as a company offering house and land packages…