Property firm makes bid for Porter Davis, as liquidator says it's in talks with a number of 'interested parties' - ABC News

A Melbourne-based property investment company has launched a bid to buy collapsed home builder Porter Davis, which went into administration in March.

Porter Davis had about 1,700 homes in various stages of construction at the time of the announcement, liquidator Grant Thornton has said, including 1,500 in Victoria and 200 in Queensland.

Last week, the liquidator said about 250 of those homes were near completion. Other customers, who had paid deposits but whose work was yet to begin, have been warned they may be without insurance and risk losing their deposit.

Property firm MIG Sons & Co said it had offered to buy Porter Davis outright, keeping all staff employed and completing all contracted jobs.

Grant Thornton on Monday would not comment specifically on the offer from the company, but said it was "continuing to engage with a number of legitimate and credible interested parties who we consider have the capacity to complete a transaction in an expedited time frame".

"Grant Thornton have acknowledged our offer and they know MIG and Sons and our investors are genuine," MIG Sons & Co CEO Amit Miglani said in a statement.

"The MIG offer is fully funded and will result in the full retention of all Porter Davis employees and subcontractors' payments will be honoured."

In 2021, Mr Miglani pleaded guilty to two charges, one related to withdrawing money from a trust account and one of fraudulently converting money from a trust to his own use.

He was sentenced to a community corrections order with conviction for 18 months.

Mr Miglani said the court proceedings had coincided with a difficult divorce, and that he was taking steps to restore his cancelled real estate licence.

Victorian government keeping 'close eye' on developments

When quizzed on the potential buyout of Porter Davis, Victorian government MP Gayle Tierney declined to comment on any possible firms who may be bidding for the company.

"In terms of those that bid for the company, that is really an issue between the liquidator and those that are involved in the bidding. It has very little to do with the government," Ms Tierney said.

"We are keeping a fairly close eye on the whole situation, for obvious reasons."

Ms Tierney said the state government would have more to say on the situation "in the next little while".

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