It has always seemed to me a bit of a hole in our system that a speculator can employ a builder to construct a building and then as soon as it's sold they disappear. There is supposed to be insurance on the workmanship but as has been shown numerous times in the past the insurance is not worth the paper that it is written on
Add to the mix that we now have a lot of foreign firms building unit blocks etc and at the first sign of trouble that can no longer be contacted
So maybe instead of a faulty insurance there should be a bond lodged ( which they will get interest on) until 5 years down the track
Such a bond would serve to provide assistance for the owners until the authorities can sort the mess
Owners always need assistance the same day, not at the end of a committee hearing which could be 5 to 10 years down the track.
Or in the absence of a bond the builders and speculators lose their building registration or right to operate
