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Housing development builder's directors as sub-contractors directors

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  • 30-08-2017 3:34pm
    #1
    Sean^DCT4
    Registered Users Posts: 527 ✭✭✭


    Hi all,

    Partner and I are purchasing a home in a new development.

    I noticed that some of the sub-contractor companies have the same directors as the owners of the building company.

    I am slightly skeptical of this as I am thinking that as soon as the development is finished these umbrella companies will be closed.

    The homes have a Homebond 10 year guarantee but I am just wondering if anyone has any thoughts on the above.

    thanks


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    #2
    con1982
    Registered Users Posts: 515 ✭✭✭con1982


    The companies might be separate to limit liability. One major accident on a job could financially cripple a company. Or they might have started as the subbie. They could do work for other main contractors and develop sites of their own. Doesn't mean they are dodgy.

    On the subject of the homebond gaurantee, some people might say it's not worth the paper it's written on....

    I know of several cases were homebond left owners high and dry.


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    #3
    seagull
    Registered Users Posts: 2,342 ✭✭✭seagull


    I know in our estate, McGarrell Reilly were the developers, and they set up Fajon Construction to do the actual building. Same directors, and a subsidiary in disguise.

    How good are Homebond? Lets just leave it at pyrite.


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