NDIS

[sptrawler]

Yes. However, those with the empty homes won't be sucking on the public teat. Not tenanted, no funds from Gov will they get. I gather they have been, or will be, burnt big time. Most of these properties are designed for two or more SDA residents. I cannot imagine even if they could get tenants will they get even $750 per week instead of the $100k pa per SDA tenant they were expecting. Would a family of four want to move into a place in the middle of nowhere with no amenities close by let alone a property designed for disabled individuals?

Blowed if I know why a claim they saw a financial planner in anyway resolves those who purchased or entered into an arrangement to build. What would an FP know about demand and supply in specific areas and availability of other SDA builds? That's not their field of expertise. In any case, RE isn't a financial product which requires FP advice.

Pretty messy all round but trying to pin the blame on Gov doesn't wash in this case. Developers and sales teams pushed the SDA product and the punters gobbled it up from what I understand. As far as I know, the Gov hasn't underwritten the developers or provided them with a guarantee tenants were available. However, it is only my opinion for what it's worth.

A lot of punters bought shares in blue sky hydrogen and renewable start ups, that's the thing with investing, big rewards usually come with big risks.
Making an investment decision, that requires ongoing Government funding support, is risky at the best of times IMO.

 

[Dona Ferentes]

NDIS firm Cocoon SDA Care collapsed owing $16m to staff – and an additional $64m to unsecured creditors – after trading while insolvent for months, liquidators allege.

Taxpayers are now set to pick up some of the bill for the failure of Cocoon’s parent company, Horizon Solsolutions Australia, co-founded and run by former bankrupt taxi driver Zaffar Khan.

https://www.theaustralian.com.au/nation/cocoon-sda-care-owes-staff-and-creditors-80-million-may-have-traded-while-insolvent/news-story/2678d29b0a39c0b9d6a685c29eaea62e

 

[farmerge]

NDIS firm Cocoon SDA Care collapsed owing $16m to staff – and an additional $64m to unsecured creditors – after trading while insolvent for months, liquidators allege.

Taxpayers are now set to pick up some of the bill for the failure of Cocoon’s parent company, Horizon Solsolutions Australia, co-founded and run by former bankrupt taxi driver Zaffar Khan.

https://www.theaustralian.com.au/nation/cocoon-sda-care-owes-staff-and-creditors-80-million-may-have-traded-while-insolvent/news-story/2678d29b0a39c0b9d6a685c29eaea62e

Wow a bankrupt taxi driver owing $80 million.
Now just how much of that debt has land in his/hers /family greedy pockets????
Checks and balances with NDIS, what a joke.

 

[The Triangle]

Wow a bankrupt taxi driver owing $80 million.
Now just how much of that debt has land in his/hers /family greedy pockets????
Checks and balances with NDIS, what a joke.

And then from those pockets to fancy expensive fundraisers for both labor and liberal....

 

[farmerge]

And then from those pockets to fancy expensive fundraisers for both labor and liberal....

NDIS.... It would appear that anyone including Blind Freddy and his Guide Dog could be able to set up an NDIS support cash cow.
Thinking that She and Me who have been running our own business for nearly 50 years now must have the necessary "smarts" to be able to start up one and then go bust after pocketing all the money.
Hmmm it can't be that hard!!!!!!