{"id":16990,"date":"2016-10-17T00:00:00","date_gmt":"2016-10-17T00:00:00","guid":{"rendered":"https:\/\/cms.fiveaa.com.au\/uncategorized\/family-first-senator-quits-parliament\/"},"modified":"2016-10-17T00:00:00","modified_gmt":"2016-10-17T00:00:00","slug":"family-first-senator-quits-parliament","status":"publish","type":"post","link":"https:\/\/cms.fiveaa.com.au\/news\/family-first-senator-quits-parliament\/","title":{"rendered":"Family First senator quits parliament"},"content":{"rendered":"<h3>A key supporter of the government in the Senate, Family First&#8217;s Bob Day, is to resign in the wake of financial problems with the housing group he founded.<\/h3>\n<p>The resignation of the senator first elected in 2013 followed his Home Australia Group of companies going into liquidation.<\/p>\n<p>&#8220;Having been in business for over 40 years, I am naturally devastated by what has happened and will do whatever I can now to assist those affected by this closure,&#8221; Senator Day said in a statement on Monday.<\/p>\n<p>All homes under construction were covered by home owners warranty insurance, he said.<\/p>\n<p>&#8220;As I have always agreed to sign personal guarantees to creditors, this closure also has serious implications for me and my family.&#8221;<\/p>\n<p>Senator Day said as creditor liabilities greatly exceeded assets he would lose his family home.<\/p>\n<p>&#8220;As for my role as a senator, I will of course resign.&#8221;<\/p>\n<p>The Home Australia group includes Homestead Homes (SA), Collier Homes (WA), Newstart Homes (Qld), Ashford Homes (Vic) and Huxley Homes (NSW).<\/p>\n<p>Senator Day said while four members of the group posted a profit in 2015\/16, problems and losses associated with Huxley Homes and the high price paid for the company in 2003 had &#8220;seriously undermined the group&#8217;s balance sheet and ability to continue trading&#8221;.<\/p>\n<p>Senator Day said he had considered a number of proposals from local, national and international groups which culminated in the signing of a contract to sell a 75 per cent stake in Home Australia to Goshen Capital Resources, a company based in the Philippines.<\/p>\n<p>Home Australia was one of a number of Melbourne-based deals valued at approximately $200 million in total by Goshen.<\/p>\n<p>One of the projects is the $130m Regent Square re-development in Southbank.<\/p>\n<p>Senator Day said the funds from Goshen would have provided the Home Australia Group with enough liquidity to trade out of its current difficulties given the more than $100 million in forward orders Home Australia has in its pipeline.<\/p>\n<p>He said Goshen&#8217;s chief executive Anselmo Nolasco produced documentation purportedly from HSBC Manila to CBA Melbourne.<\/p>\n<p>&#8220;The funds to invest in Home Australia should have been transferred last week but each day there was a different excuse,&#8221; Senator Day said.<\/p>\n<p>&#8220;After several high-level inquiries over recent days it became clear the HSBC-CBA document was fraudulent.<\/p>\n<p>&#8220;I had based all creditor payment plans and commitments on this deal going ahead.&#8221;<\/p>\n<p>Given the strict trading-while-insolvent rules that apply in Australia, it would not be possible for the business to continue operating until another buyer is found, Senator Day said.<\/p>\n<p>McGrathNicol is the liquidator of the company group.<\/p>\n<p>&#8220;I am incredibly sorry for the pain, stress and suffering I know this will cause,&#8221; Senator Day said.<\/p>\n<p>The South Australian businessman built his first house in Adelaide in 1979 and by 1990 Homestead was the state&#8217;s largest home builder.<\/p>\n<p>&#8220;I made two big mistakes &#8211; buying Huxley Homes and going into politics without putting in place a proper management structure for the business,&#8221; he said.<\/p>\n<p>&#8220;I will be working closely with the liquidator and offering a proposal to enable me to find a way to pay back every debt fully, no matter how long it takes.&#8221;<\/p>\n<p><em>-AAP<\/em><\/p>\n<h3>MOST POPULAR<\/h3>\n<p><a href=\"https:\/\/cms.fiveaa.com.au\/shows\/david-and-will\/betts-success-a-handbrake-on-crows-move-for-gibbs\"><strong>WHY CARLTON DON\u2019T WANT TO LOSE BRYCE GIBBS TO THE CROWS<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/cms.fiveaa.com.au\/shows\/david-and-will\/commissioner-unloads-on-local-clown-weirdos\"><strong>DICKHEADS &#8212; POLICE COMMISSIONER UNLOADS ON LOCAL CLOWN WEIRDOS<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>A key supporter of the government in the Senate, Family First&#8217;s Bob Day, is to resign in the wake of financial problems with the housing group he founded. The resignation of the senator first elected in 2013 followed his Home Australia Group of companies going into liquidation. &#8220;Having been in business for over 40 years, [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":16991,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[144],"tags":[],"geo_market":[],"class_list":["post-16990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Family First senator quits parliament - FIVEAA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cms.fiveaa.com.au\/news\/family-first-senator-quits-parliament\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Family First senator quits parliament\" \/>\n<meta property=\"og:description\" content=\"A key supporter of the government in the Senate, Family First&#8217;s Bob Day, is to resign in the wake of financial problems with the housing group he founded. 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