NDIS housing provider Fairy Meadow House goes under after potential misuse of funds flagged by liquidator
Fairy Meadow House, a disability housing developer, has entered liquidation following the disappearance of $5 million in investor funds. This collapse is part of a broader trend of failures within the Australian National Disability Insurance Scheme (NDIS) housing sector.
Why it matters
The failure of these projects highlights systemic financial risks and potential fraud within government-backed disability housing programs.
Investors in a proposed disability housing development in Wollongong have lost millions, with its developer declaring bankruptcy. ( Supplied )
Liquidators say a company that raised millions to build housing for people with disabilities went under after $5 million in cash was withdrawn from the company's accounts.
Dozens of investors put their savings into the Fairy Meadow House project in Wollongong, raising about $10 million, but nothing was ever built.
The liquidators of Fairy Meadow House said they would lodge a report with the financial regulator and have identified potential criminal breaches by the company director.
Link copied Share Share article A Sydney developer who raised millions from investors to build housing for people with disabilities has gone bust amid questions over missing company money, in the latest failure to hit the National Disability Insurance Scheme (NDIS) housing program.
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