BOB the builder, Britain’s fifth-largest home builder, filed for bankruptcy protection from creditors yesterday amid a national and local housing market that continues to stagnate.
WWN has learned the building contractor owes creditors as much as €146m and hasn’t been able to renegotiate credit terms, according to documents filed in Manchester Circuit Court.
Bankruptcy in England lasts for 12 years, with those declared bankrupt facing travel restrictions, curbs on their ability to borrow money and/or run a business.
Bob is already being pursued by investors arising from the disastrous ‘Ready Steady Build’ project in the town of Fixham Harbour.
Customers who have homes waiting to be built by the contractor are worried Bob will not be able to ‘Fix it’.
In a statement yesterday, solicitor James Cartwright said: “Bob the builder, can he fix it? Bob the builder, yes he can. All current builds will be completed, with no issues whatsoever. ”
Bankruptcy Judge Mary Quinton approved an order that all current closings continue.
Bob the Builder Homes lists 78 housing developments in Bobsville, Sunflower Valley and Fixham Harbour, as well as developments in 3 small towns in Scotland, including the island community of Balamory.
Bob the builder said in court documents that he was left with no option but to file for bankruptcy because he could not reach a revised financing agreement with the Royal Bank of Bobsville.
Bob blamed “the recalcitrance of the Bank and the refusal of the lenders to solve the stalemate and proceed with revised terms” for pushing him into bankruptcy.
“Its an absolute sham. These bastards think they can make what ever decisions they want at the expense of the honest hard working man. Its a fucking travesty. If I had a gun I’d fucking fix it alright!” he added.