The WA Opposition has formally referred embattled builder NicheLiving to the Australian
Securities and Investments Commission (ASIC) following reports suggesting the company may
have been trading while insolvent as far back as 2021.
Opposition Leader and Shadow Commerce Minister Shane Love MLA called for ASIC to urgently
investigate NicheLiving after it was revealed the company directors have mounted a successful bid
to re-take control of the company this week.
“ASIC’s intervention is critical to ensure the directors of NicheLiving are held accountable, and to
demonstrate to the building industry and consumers that improper conduct will not go unchecked,”
Mr Love said.
Administrators for NicheLiving Holdings have stated the parent company was likely insolvent on or
around August 2022, while its subsidiary, Projex Management and Construction, may have been
insolvent as early as June 2021.
“These claims raise serious questions about the financial management and solvency practices of
both entities, with significant implications for creditors, customers, and the wider building industry
in Western Australia,” Mr Love said.
“These revelations, while hardly surprising to those who have been aware of the Nicheliving
nightmare for the past several years, cast serious doubt on the State Government’s role in
overseeing and regulating this builder.”
More than 73 official complains had been made to the Building Commissioner since January 2022,
however, no action was taken by the State Government until concerns were raised in Parliament
by the Opposition in June this year.
“It’s unacceptable that a company, which many customers have placed their trust and significant
financial resources into, has essentially been able to operate unchecked for several years without
any regulator being aware of their potential insolvency,” Mr Love said.
“This is a failure of regulatory oversight at every level and raises serious concerns about the
effectiveness of the Building Commissioner as an industry watchdog.”
Mr Love called on the Premier and Commerce Minister to come clean about the secretive deal
struck with Nicheliving’s former directors, which saw no financial penalties applied and left WA
taxpayers on the hook for up to $40 million in insurance payments.
“Just two months ago, the Cook Labor Government proudly announced that Nicheliving directors
had voluntarily surrendered their registration, supposedly barring them from owning or controlling
a building company for 10 years,” Mr Love said.
“Now, it appears these same individuals are set to regain control of the business.
“This revelation undermines the integrity of the alleged agreement, and the Premier and
Commerce Minister must release the full details of the deal and clarify what protections, if any,
were put in place to prevent the directors from returning to the industry,” Mr Love said.
