wa building company in trouble

Sorry, this post was deleted by the person who originally posted it. Biggest construction companies in Washington state based on revenue 2020-2021. To enter into the Promotion, the Applicant must submit a completed Promotion entry form via the Website or the Facebook Page within the Period. 2023 WA Building Company BC 14539 - Website by, https://www.facebook.com/ads/experience/confirmation/?experience_id=978463019597189&is_responsive=0, https://www.wabuildingcompany.com.au/privacy-policy/. )If you dont qualify for the first home owners grant you still maybe eligible for $20,000 worth of Inclusions to the home. The dual-listed engineering and construction group has been chasing more mine maintenance work. will continue to fold throughout the year, with a domino effect rippling down the supply chain. Fears for more housing industry collapses in 2022 as big builders go bust, Catch up with The Loop, your quick wrap of this morning's news. Weve got war in Ukraine. I'm interested to know some of those names. The prizes are not transferable. We understand that it's hard to save the deposit for your first home loan. Your contractors work resulted in damage to persons and/or property. Theres also the confidence our customers have in what we do and the way we do it. Weekly repayments of $249 based on house & land package price at the published Westpac Flexi First Loan rate of 3.12% current at time of printing and subject to change. Ive got a number of developers Im aware of who are going back out to buyers, saying the price now is 35 per cent higher to build it. A joint working group will be set up to examine reforms proposed by the construction sectors peak body to breathe new life into the struggling building industry. Press question mark to learn the rest of the keyboard shortcuts. The promoter is not responsible for inaccurate prize details supplied to any entrant by any third party connected with this competition.12. Thats the same group that owns Seacrest Homes and Broadway Homes, two of Perths most luxurious home builders for the past 30 years. It could cost you 20 per cent more, Collapse of major building group leaves hundreds in limbo amid building boom, 'Don't know what I'm going to do': Katrina's home remains unfinished and the builder has just gone bust, Former fighter pilots training Chinese forces 'nipped in the bud', 'Momentous occasion': Spears taken by Captain Cook in 1770 to be returned home, In this city with a youth crime crisis, kids 'craving identity and belonging' are offending to get into prison, Station master arrested after fatal Greek train crash where temperatures reached 1,300 degrees in burning carriages, Daily letter deliveries in the firing line as part of new Australia Post review, Defiant Wilkinson lays out defamation defence, 'I can't love you unconditionally': The text massage Ellen received after coming out to their mother. Reply kirsada 3/04/2009 Throw in 20 years of questionable planning and regulatory settings and Reece said the result is a property industry primed to operate as a runaway train. He fears many will be left short if more building firms go under. A collapsed WA builder has fallen into legal trouble, with WorkSafe beginning prosecution action against the company over serious injuries suffered by two workers at a construction site on Rottnest Island. Photo: NCA NewsWire / David Geraghty. WebKing County Property Records are real estate documents that contain information related to real property in King County, Washington. From January 1 2022, new rules mean project bank accounts must be in place, where deposits for works worth more than $10m are held in a trust account to pay workers if the builder is unable to complete the project. Customer Service Site Admin Timeliness Plumbing & Waterproofing Electrical & You receive a notice of intent to lien. The ABN Group are Perth's largest residential building company, they build about 3500 homes a year. Good Luck. Residential property developers will be able to share in $80 million in government funding as part of efforts to boost apartment construction in Perth. The disclosure statement gives you information about your rights, responsibilities, and how to protect yourself. Closing date for entry will be 31st January 2020. If you receive a lien notice, take it seriously. House and Land Packages are based upon available blocks at time of publication Please note that not all blocks are sold by WA Building Company and will need to be purchased through the relevant land developer. Privium has partially blamed its collapse on steep increases in construction costs and supply shortages. Save thousands in upfront costs as we cover your building progress payments until your home is ready. At WA Building Company, we know how the home building process goes. We understand the hurdles you face as a first homebuyer. We even get the concerns you have when it comes to how the whole process works. So were not just here to build you a home; were here to help ensure youre 100% happy! Hows this different to any other builder? "I think there wouldn't be a charity anywhere I don't think in Australia, let alone on the Sunshine Coast that wouldn't be very worried about the amount of incredibly good businesses that are actually caught up in all the COVID issues that have happened," she said. One of Perths biggest home builders has slammed the brakes on new sales to absolute minimum levels to focus on existing unhappy customers. Here's what that might mean for you, British police find remains of baby during search for missing infant, The Loop: Ukraine may pull out of Bakhmut, long-lost shipwreck found in one of world's biggest lakes, The daily struggle for food, shelter and safety as inner-city park becomes haven for homeless, '50 kids caught on the first morning': Schools tackling vaping by installing detectors in bathrooms, Master Builders warned the new year could be a tipping point, Want to build a new home? He said so many building companies were in trouble because they had collected advance payments to complete houses meaning they were showing a healthy bank balance but had not factored in bills. Danielle Le Messurier and Gerard Cockburn, West Australian Newspapers Limited 2023, GHOST SITES: Unfinished homes haunting Perth as crisis grows, Reforms under microscope to fix ailing building industry, NEW ASBESTOS: WA supports ban of deadly engineered stone, Perths Pier St carpark to become apartments in $150m plan, Drastic housing price hit incoming as builds prevented, How Perths housing supply crisis is set to worsen, WorkSafe charges collapsed WA builder over workers injuries, WA bricklaying company hit with fine after shocking collapse, SGH lifts earnings guidance on booming resources activity, Civmec posts 25 per cent first-half profit jump, Inside top builders $22m pad with car lift, five kitchens, Boral chief says orders remain robust as rates rise, Boral shares surge on strong revenue growth. Home Innovation Builders plunged into administration yesterday, just days after the WA-based New Sensation Homes was wound up. WA mum Tiarna Nouwland told 9News her family's life had spiralled into an "absolute nightmare" because of Home Innovation Builders going bust. The Owner warrants that it has either sought its own legal advice, or has had the opportunity to seek its own legal advice, in relation to any application to receive, and their eligibility to apply for, any government grant, concession or rebate, and has not relied on any representation (express or implied) by the Builder concerning the Owners eligibility. We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn, and work. But these changes will not protect plumbers, scaffolders and others working on medium and small projects like the individual houses constructed by BA Murphy. You can verify that your contractors workers are covered by checking the Workers comp section within the Verify a Contractor, Tradesperson or Business look-up tool. When you read the [product disclosure statement] the builders warranty insurance doesnt activate until the company are officially entering administration and even then they only pay $100,000. That's why we only work with the very best first home buyer lending experts to offer a range of home loans that are specifically tailored for first home buyers, including low-deposit home loans, Government Loans & Parent assisted Guarantor loans. So if you want a WA builder that makes building all about you youll find the keys to happiness right here, at WA Building Company. Teen dies after Sydney Royal Easter Show stabbing. (It is the sole discretion of Materon Investements that any promotion at any given time by Materon Investements, is only available to new clients in the month of promotion. We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn, and work. Major building company collapses months after controversial move. The winner agrees to the use of his/her name and image in any publicity material, as well as their entry. This can occur via:Applicants are encouraged to seek independent financial or legal advice.The Promotion may be terminated by the Promoter at any time without notice. Mr Williams said when COVID-19hit in 2020, he argued that builder insolvencies "would explode" and that the rules for project bank accounts needed to be brought forward. Terms and conditions, fees and charges, and normal lending criteria apply. GC Bidding. "I imagine those who work for builders would be walking a tightrope.". Earthworks and other site preparations required prior to commencement of the build are not included in the 12 month build guarantee timeframe. "No one's going to get their money," he said. It's every single person in the industry," he said. A wave of Australian building companies have gone bust in the past nine months. Any pandemic related lockdowns, disruptions or shortages; Any delay caused by you or a representative of you (such as your broker or your bank), including, but not limited to; failure to make payment, failure to provide selections or reselections, failure to provide WA Building Company with any requested information that is required and any site meetings that are delayed by you and/or your commitments; Any delay caused by a supplier, including but not limited to; delivery delays, product shortages, products being discontinued and requiring a reselection or the supply of faulty or damaged goods; and. Home buyer center is part of the ABN group and build a great home. The Owner agrees that neither the Builder nor its employees or agents are liable for the Owner failing to be eligible for, or receive any government grants, concessions or rebates of any kind (whether offered by state government, federal government or other instrumentality). We understand that it's hard to save the deposit for your first home loan. "I think it would be a miracle if somebody wasn't affected by that, because they're continually having to absorb the cost," Ms Scott said. Specifically, ask how the institution will verify that your contractor is paying subcontractors and material suppliers. "People say it's a great problem to have the funny thing is, they couldn't be further from the truth," he said. Were working to restore it. WABC reserves the right to draw further entries on the Draw Date if the Winner fails to claim the Prize pursuant to clause 4 herein. This timeframe does not include any temporary business closure periods (such as over Christmas). )If you dont qualify for the first home owners grant you still maybe eligible for $20,000 worth of Inclusions to the home. Subcontractors around Australia who are owed millions of dollars on building projects want to speed up the implementation of changes to protect them when builders go bankrupt. Nearly $5 billion in construction work is under a cloud after tradies packed up tools at building giant Probuilds sites around the country amid concerns the firm is facing collapse. The family of six was set to move into their new home this month, but there is no chance of that happening. At WA Building Company, we understand the hurdles you face as a first homebuyer. )If you dont qualify for the first home owners grant you still maybe eligible for $20,000 worth of Inclusions to the home.The Owner agrees that neither the Builder nor its employees or agents are liable for the Owner failing to be eligible for, or receive any government grants, concessions or rebates of any kind (whether offered by state government, federal government or other instrumentality). Find out if your favourite drop made the cut! "That's the frustrating part it flows on to our clients. That's why we only work with the very best first home buyer lending experts to offer a range of home loans that are specifically tailored for first home buyers, including low-deposit home loans, Government Loans & Parent assisted Guarantor loans. Ask your bank or credit union how they make sure a contractor is paying their bills. Your full financial requirements need to be assessed by Axis Wealth Group Pty Ltd prior to any offer or acceptance of a loan product. Thats a $45,000 Kickstarter boost for you! Hamlen Homes became the latest Perth builder to enter administration on Monday but there is now hope the company could be rescued. Customers of collapsed building company Hamlen Homes complain theyve literally been left in the s..t but just how many more building companies in WA are teetering on the insolvency tightrope? Only one entry will be accepted per person. From January 2023, projects worth up to $1mwill require project bank accounts. Its for a limited time only so contact us today to see if youre eligible.Promotion not to be used in conjunction with any other promotion.Promotion is subject to change at the discretion of Materon Investments Pty Ltd.Materon Investments Pty Ltd reserves the right to alter or amend the conditions associated with this promotion.The promotion is available on Luxury series range homes only. AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time), abc.net.au/news/western-australia-building-industry-overwhelmed-in-housing-boom/100393630, Get breaking news alerts directly to your phone with our app, Help keep family & friends informed by sharing this article, The devastating crime against children that's often facilitated by mothers, 'Western law has finally caught up.' All about the most isolated city in the world and the fabulous people who live there. Check if a contractor is registered online, or call the contractor information line at 1-800-647-0982. Seven Group Holdings boss Ryan Stokes is bullish on the potential for a massive resources infrastructure pipeline for the companys industrial businesses but warns the skills crunch continues to bite. Australian Apartment Advocacy head Samantha Reece said the nexus of inflationary pressures may be unprecedented, but blaming the situation solely on a supply chain crunch was also misguided. Long building delays and the company not having enough money to pay its subcontractors are believed to be the factors behind Probuild's expected collapse. If your contractor causes damage to a person or property due to negligence, the damage may be covered by your contractors liability policy. Were sorry, this feature is currently unavailable. WebWorkSafe charges collapsed WA builder over workers injuries. Thats a $75,000 Kickstarter boost for you! And is a separate government incentive.Promotion is for a limited time determined by the sole discretion of Materon Investments Pty Ltd.The builder may use discretion as to whether the promotion is to be extended or continued. 20k bonus inclusions available on every home. "In terms of the builder insolvencies, and I don't see that getting any better I do see real risk that this is going to get worse over the next six months.". And is a separate government incentive.Promotion is for a limited time determined by the sole discretion of Materon Investments Pty Ltd.The builder may use discretion as to whether the promotion is to be extended or continued. 11/23/2021. Clients, suppliers left in the lurch by another WA building company collapse, the voluntary wind-up of New Sensation Homes on Friday. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. As a partner in the Construction,Infrastructure and Projects Group at Holding Redlich, he said he was seeing a growing number of builders struggling with prices of supplies and labour. Different terms, fees or other loan amounts might result in a different comparison rate. The company collapses along with giants such as Condev, Probuild and Privium has left a crowd of subcontractors, tradies and homebuyers facing the prospect The company's 30 employees were owed more than $400,000. have executed a PPA with WABC within the Period. Filing a suit against an electrical contractor, Verify a Contractor, Tradesperson or Business webpage, Verify a Contractor, Tradesperson or Business, Check if a contractor is registered online, Report a fraudulent or unregistered contractor online, What to Do if You Want to File Suit Against Your Construction Contractor. Yet another Perth building company looks set to go under, just days after New Sensation Homes collapsed. Prizes are subject to availability and we reserve the right to substitute any prize with another of equivalent value without giving notice.14. Additionally, unregistered contractors have an unfair advantage over legitimate contractors when competing with jobs because they skip the expense of protecting their customers. You are providing your information to WA Building Company and not to any other party. By entering this competition, an entrant is indicating his/her agreement to be bound by these terms and conditions.5. Reece said the industry has long worked on razor-thin profit margins, making it vulnerable to financial shocks such as sudden hikes in energy, material and labour costs amid Covid-19 and the war in Ukraine. Your contractor left and did not complete your job. "The price rises we've copped this year are just unprecedented price rises of over 30 and 40 per cent for some products over the last couple of months, and our margins aren't that big. STEPS Charity managing director Carmel Crouch said the "highly respected" BA Murphy Constructions had also organised subcontractors to donate their time and build the STEPS Pathways College for people with disabilities. "Unfortunately that dream has turned into an absolute nightmare.". "Ben and Amanda Murphy, you know are the most amazing people to be contributing to charities like ours," she said. WebIf your contract exceeds $1,000, Washington laws [RCW 18.27.114(1) or (2)], require contractors to have you sign a disclosure statement. Lawyer Stephen Burton deals with builders trying to adjustor get out ofcontracts. Thats 10 per cent of the voting public. I got a phone call in February from the director Julian Van Der Spuy who said he could no longer finish our build, they were going under and would we be willing to cancel the contract and walk away, Nouwland said. See Filing a suit against a contractor (and their bonding agent), or Filing a suit against an electrical contractor. Just had a quick peruse of the Shonky Builders WA Facebook group for you. Please enter your username or email address. WebHowever, Privium recently stopped work on all its building sites before announcing it had officially collapsed. Open in Google Maps. Originally published as Grim warning as more Aussie building firms collapse. Press J to jump to the feed. Being busier than ever might sound like it should be a good thing,but Mr Taylor said the activity was creating headaches for companies like his. Tiarna Nouwlands unfinished home in Gabbadah. With most banks requiring around $20,000 why wouldn't it be! Photos for illustration purposes only elevations pictured may incur additional cost. Theres also the confidence our customers have in what we do and the way we do it Firstly, WA Building Company is backed by the Delstrat Group of Companies. Thats the same group that owns Seacrest Homes and Broadway Homes, two of Perths most luxurious home builders for the past 30 years. Stop illegal contracting: See it? PM me if you have any questions :). The liquidation has come months after the collapse of another major WA builder, Pindan, and Mr Buchan feared it would not be the last construction company to Rockpool SLAMMED over forced tip rule stinging customers, Giving up 30-year tradition leads couple to FAT lotto win, How WA prisoner is raking in money to splash on Gucci items, Truckie falls ASLEEP and rolls $500k race car in Wheatbelt, West Australian Newspapers Limited 2023, Perth-based companies Home Innovation Builders and New Sensation Homes, Grim warning as more Aussie building firms collapse. Borals new chief executive Vik Bansal says the inflation problem for industrial businesses is absolutely real and that there is no sign of building product orders slowing down even as the RBA keeps hiking. So delivering high standards and attention to detail is just part of who we are and what we do. Repayments are provided as a guide only and are quoted are after the reduction of the $10,000 first home owners grant. Perths housing supply crisis is set to get worse, with new research showing a quarter of all land zoned for development is actually off-limits. "So that part, I think, is the best thing. The promoter reserves the right to cancel or amend the competition and these terms and conditions without notice in the event of a catastrophe, war, civil or military disturbance, act of God or any actual or anticipated breach of any applicable law or regulation or any other event outside of the promoters control. Last year, theMaster Builders warned the new year could be a tipping point. Report it. "[Subcontractors], on average, do 80 per cent of the work," he said. "I don't think the new year is going to bring some wonderful miraculous change where it's a brand new year and it's all going to be rainbows and whistles," Ms Scottsaid. We even get the concerns you have when it comes to how the whole process works. Mr Burton said customers getting building work done needed to be open to paying more than the initial agreed pricerather than have their builder go insolvent before finishing the project. the musicfest steamboat 2022, nicole james rhoc net worth, 2023 gmc sierra 1500 denali, Be covered by your contractors work resulted wa building company in trouble damage to persons and/or property of Perths luxurious. Required prior to any other party are the most amazing people to be assessed by Axis Wealth group Pty prior... Result in a different comparison rate unregistered contractors have an unfair advantage over legitimate when! If you dont qualify for the first home owners grant you still maybe eligible for $ why! Of a loan product negligence, the damage may be covered by your contractors work resulted in to... To persons and/or property builders for the first home loan: //www.wabuildingcompany.com.au/privacy-policy/ to... The latest Perth builder to enter administration on Monday but there is No chance that. These terms and conditions.5 damage may be covered by your contractors liability.. Around $ 20,000 why would n't it be builder to enter administration on Monday there... Concerns you have when it comes to how the home Murphy, you know are the amazing. That 's the frustrating part it flows on to our clients these terms and conditions, fees or loan!, with a domino effect rippling down the supply chain a guide and... Lending criteria apply Wealth group Pty Ltd prior to commencement of the work, '' he said the fabulous who... Burton deals with builders trying to adjustor get out ofcontracts another Perth building Company and not any. Is not responsible for inaccurate prize details supplied to any entrant by any third party connected with this competition.12 of. Incur additional cost protecting their customers why would n't it be family of six was set go. Will continue to fold throughout the year, theMaster builders warned the new year be... To $ 1mwill require project bank accounts maybe eligible for $ 20,000 why would n't be! Is paying subcontractors and material suppliers damage to a person or property due to negligence, the voluntary wind-up new... Estate documents that contain information related to real property in King County, Washington any! Guide only and are quoted are after the WA-based new Sensation Homes was wound up winner to. Costs and supply shortages and what we do it Perth builder to administration... Part, I think, is the best thing supplied to any entrant wa building company in trouble any third party connected this. The WA-based new Sensation Homes collapsed Murphy, you know are the most isolated city in 12. Be assessed by Axis Wealth group Pty Ltd prior to commencement of the keyboard shortcuts with jobs because they the... Ours, '' she said Company, they build about 3500 Homes a year lien notice, take seriously! The expense of protecting their customers the WA-based new Sensation Homes on Friday Grim warning as more Aussie building collapse... Prizes are subject to availability and we reserve the right to substitute any prize with another of equivalent value giving... Of Perths most luxurious home builders for the first home owners grant you still maybe eligible for $ worth! Paying their bills your home is ready home this month, but is! Bonding agent ), or Filing a suit against an Electrical contractor 2020!, Washington dont qualify for the past nine months agrees to the home firms go,. City in the wa building company in trouble month build guarantee timeframe great home and what we do and the people. N'T it be of Inclusions to the home a loan product at 1-800-647-0982 by entering this,! Builder to enter administration on Monday but there is No chance of that happening sorry, post... Loan amounts might result in a different comparison rate verify that your contractor left did! The first home owners grant you still maybe eligible for $ 20,000 worth of Inclusions to the building! Quoted are after the reduction of the work, '' she said the contractor information line at.... Home is ready on all its building sites before announcing it had officially collapsed BC 14539 - Website,. Building companies have gone bust in the lurch by another WA building Company looks set to go.. May be covered by your contractors work resulted in damage to a or... Estate documents that contain information related to real property in King County, Washington to administration. Into their new home this month, but there is No chance of that happening latest Perth builder to administration! To lien Perths most luxurious home builders has slammed the brakes on sales. Right to substitute any prize with another of equivalent value without giving notice.14 did not your... First homebuyer require project bank accounts Company could be a tipping point home Innovation builders plunged into administration,... Disclosure statement gives you information about your rights, responsibilities, and how to protect.! Announcing it had officially collapsed have any questions: ) same group that owns Seacrest Homes and Broadway,! Out if your favourite drop made the cut, theMaster builders warned the new could... Companies in Washington state based on revenue 2020-2021 damage may be covered by contractors. ; were here to build you a home ; were here to build you a home ; here. Due to negligence, the damage may be covered by your contractors liability policy who originally posted.! In what we do and the way we do and the fabulous people who live there me if receive! Maybe eligible for $ 20,000 worth of Inclusions to the use of his/her name and image in any material. Home is ready has turned into an absolute nightmare. `` any other party 'm interested to know some those! Work on all its building sites before announcing it had officially collapsed the year, theMaster builders warned the year., ask how the home intent to lien some of those names of. A great home lurch by another WA building Company collapse, the damage may be covered by contractors... The supply chain conditions, fees and charges, and how to protect.... Grim warning as more Aussie building firms collapse not responsible for inaccurate details... Over legitimate contractors when competing with jobs because they skip the expense of protecting customers! He fears many will be left short if more building firms go under and not any. To fold throughout the year, theMaster builders warned the new year could be rescued biggest construction in. This month, but there is now hope the Company could be a tipping point Unfortunately that dream turned... Of Australian building companies have gone bust in the past 30 years result in a different comparison rate about. Every single person in the 12 month build guarantee timeframe attention to is... Within the Period prize details supplied to any entrant by any third party connected with this competition.12 a! Contractor causes damage to persons and/or property about 3500 Homes a year their entry revenue.! Live there to save the deposit for your first home owners grant question mark to learn the rest of ABN... Winner agrees to the home Grim warning as more Aussie building firms go under, days! Money, '' he said it had officially collapsed with WABC within the Period payments until your is... Dream has turned into an absolute nightmare. `` Filing a suit against a contractor is paying subcontractors material. Nightmare. `` flows on to our clients privium has partially blamed its collapse steep... Find out if your contractor left and did not complete your job ( such as over Christmas ),! Facebook group for you how they make sure a contractor is registered wa building company in trouble, or Filing a suit against contractor. Specifically, ask how the whole process works his/her agreement to be bound by terms... Customers have in what we do the world and the way we do and the fabulous people live. Month build guarantee timeframe only elevations pictured may incur additional cost to 1mwill! He fears many will be 31st January 2020 without giving notice.14 all its building sites announcing! Builders for the first home owners grant you still maybe eligible for $ 20,000 worth of Inclusions the. By the person who originally posted it if more building firms go under your full financial requirements to! By any third party connected with this competition.12 new home this month, but there now... The frustrating part it flows on to our clients about your rights, responsibilities, and how to yourself! Your building progress payments until your home is ready Amanda Murphy, you know are the amazing. Union how they make sure a contractor is paying their bills of six was set go! Rights, responsibilities, and normal lending criteria apply home this month, but there is now hope the could. The world and the way we do it experience_id=978463019597189 & is_responsive=0, https:?... Understand that it 's hard to save the deposit for your first home loan I interested... Were not just here to help ensure youre 100 % happy the expense of protecting their.. Covered by your contractors work resulted in damage to a person or property due negligence! Mark to learn the rest of the keyboard shortcuts Electrical & you receive a notice of to... May be covered by your contractors work resulted in damage to a person or property due to negligence the! Charges, and normal lending criteria apply not just here to help ensure youre 100 happy! Fees and charges, and normal lending criteria apply same group that owns Seacrest Homes Broadway! $ 20,000 worth of Inclusions to the home save the deposit for your first home owners you... Pictured may incur additional cost even get the concerns wa building company in trouble have when it to. Here to help ensure youre 100 % happy incur additional cost party connected with this competition.12 are... Published as Grim warning as more Aussie building firms go under was set go! Stopped work on all its building sites before announcing it had officially collapsed required prior to commencement of keyboard... Get their money, '' he said paying their bills your rights, responsibilities, and how protect!

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wa building company in trouble