Monday, December 17, 2018

New Zealand’s Matrix Modular an Idea Nobody Really Wanted

Matrix Homes located in Trentham, New Zealand, was started by Sean Murrie in 2014 to develop modular houses that were factory built to capture efficiencies that were not available with traditional on-site builds.

But lack of sales forced him to place Matrix it in bankruptcy in July 2018. So far no buyers have offered to buy the company forcing him to complete 24 Matrix homes in Taiwan under a different company.

The main secured creditor was owed $2,646,340, with preferential creditors including staff owed approximately $956,721, and unsecured creditors $2,948,308, taking the total amount to more than $6.5 million. Only a small amount was recovered.

Although Matrix had secured two significant developments and had been approved as a supplier to Housing New Zealand the existing sales were insufficient to manage the mounting debt.

The assets were sold in an on-site auction. A separate deal to sell the intellectual property, consisting mainly of the multiproof plans, collapsed following due diligence.

Employees had preferential claims of $33,403 and were paid 75 per cent of their entitlements.

Murrie blamed building restrictions and local councils looking for perfect solutions in an imperfect world. Sounds a lot like our Mid-Atlantic and New England states.

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