76yo loses retirement savings as granny flat builder collapses

A 76-year-old woman, Terri Beard, lost her retirement savings of over $130,000 when the company that manufactured her modular home and office buildings filed for liquidation. Bella Modular, a Perth-based firm, had been contracted by dozens of customers and subcontractors, who are now facing financial losses. Ms. Beard paid the company in February, only to discover two weeks later that it would be unable to complete the build due to financial difficulties.

She has since secured another modular home, but the ordeal left her feeling devastated. The liquidator, BCR Advisory, will investigate the cause of Bella Modular's failure and attempt to recover funds for creditors. The firm's headquarters in Perth appeared to have been stripped of valuable assets. BCR's consultant, Geoff Davis, noted that the company had a significant debt to the Australian Taxation Office of $576,614.68.

There is currently no guarantee that customers will receive their money back, as the contracts are not covered by building indemnity insurance. The WA government and consumer protection authorities are investigating the possibility of regulatory reforms and potential legal action against the company's director, Chloe Pigdon.