Beechwood Homes is based in Liverpool and continues to trade as three companies – L.E.D. Builders Pty Ltd;  L.E.D. (North Coast) Pty Ltd; and L.E.D. (South Coast) Pty Ltd.  It is ultimately owned by Mr Larry King’s company L.E.K. Holdings Pty Ltd.  Shares in the company are all held by L.E.K. Investments Pty Ltd.  

Mr Larry King was first appointed a Director of L.E.K. Holdings in 1982.

2005

Larry King’s race horse partnership loses $72 million. The LED Builders accounts at 20 June 2005 disclosed that it was owed $43,887,256 on this investment. The loan was written off the following year. Unfortunately NSW Fair Trading fail to utilise their powers under the Home Building Act to investigate the impact these events had on the business. (Through its system of licensing, Fair Trading are required to monitor and test financial viability of building companies to ensure they are able to complete their contracts).

On 29 September 2005 Beechwood's then banker, Westpac became so concerned about increased debt it appointed an accountant to investigate. This resulted in a programme of asset sales, some forced which had a significant impact on the company's cashflow and assets.

2006

In 2006 Mr King separated with his business partner John Carson, who co-owned the South Coast and North Coast LED companies. A "Business Separation Agreement"incured expenses of $4.8 Million. In addition Mr Carson was forgiven debts of $13.15 Million. This also impacted cashflow. Mr Carson resigns as a Director of North Cost and South Coast, and  Mr King's wife Pamela replaces him.

2007

 Mr King’s race horses have been sold at a loss;  Written Bloodstock is formally in Receivership and his former business partner (race horses) is bankrupted. The NSW Home Building Act and Home Building Act Regulation (2004) requires Fair Trading refuse to renew the license of a builder whose business has been subject to external administration. (There is a provision for the Commissioner to issue an exemption but only after she is satisfied the business is solvant). This reflects the concern under the Act that that builders be financially viable.

During the year the NSW housing industry enters a serious downturn, and the later months see very wet weather which further disrupts all building activities. Beechwood debts rapidly "age"due to delays in payment. Management fails to reduce the company's high overheads in a declining market.

2008

In March – Fair Trading renew Beechwood and Lary King licences.  The Government has reneged on a promise by former Fair Trading Minister John Della Bosca to introduce stringent financial testing to ensure building companies can complete their contracts. It proves to be a costly failure.

23 May – Administrator holds a meeting of creditors and delivers an interim report on the company’s affairs. From the Cannes Film Festival Minister Linda Burney orders a belated meeting with consumers - for an unknown reason it is held to coincide with the Administrators' creditors meeting. The meeting for consumers is a fiasco. The meeting for unsecured creditors (including tradespeople and suppliers) also evokes anger and disappointment.  Armstrong Wiley's position as Administrator was challenged but they held the job after Mr Larry King's related interests claimed to be owed more than $22 million and swung their proxies behind them.

23 May – expressions of interest for sale of Beechwood companies close. 6 Builders believed to have registered. 

24 May (aprox) – Minister Burney returns from trip to the French Riviera and New Zealand hopeful the business will be sold by the end of May. Minister tells consumers not to pay invoices for progres payments and asks Deloitte to cease issuing them. As a result work is only able to recommence on a small number of properties.

5 June – Minister Burney tells Parliament “Fair Trading has moved to prohibit Mr Larry King, Beechwood's owner, from being granted a further licence for three years”. However she fails to mention action cannot take effect until March 2009.  

10 June – Administrator Armstrong Wiley due to report to creditors and convene the major meeting of creditors. Instead they apply to the Supreme Court which extends the deadline to 10 July due to the complexity of the company structure and inability at that stage to provide sufficient information to creditors.

12 June – Mr D A Hurst of Armstrong Wily letter to creditors announcing he will report to creditors on 10 July and the major meeting of creditor companies will be held on or before 17 July 2008.

18 June 2008 - Armstrong Wily hold a Creditors Committee Meeting at their Office to advise of delays in finalising their report; issues of consern being investigated and a briefing from the Receiver on the sale, including a proposed Management Buyout of Beechwood.

24 June – Minister Burney tells Parliament Beechwood is about to be sold. When criticised for renewing the building licenses the Minister explains: "When the receiver finishes his work the licence will be cancelled, and that is appropriate because the licence is with the receiver, dope, okay?"

10 July – Administrators issue a final reports to Creditors with detailed information on the businesses, properties and affairs of the companies. The notices for the Final Creditors meeting propose the meeting again be held at the Masonic Hall in the City, but it coincides with World Youth Week. The selected date is expected to be our busiest day on public transport in history, with the Pope arriving at Darling Harbour followed by a Papal motorcade  tour of the Sydney CBD. The Administrators relent and move the venue to Castle Hill, but cannot change the date because it is right on a court ordered deadline.

11 July (Friday) Administrators tell creditors and the public they expect a Management Group Buyout will be announced later in the day. (It wasn't).

17 July (Thurs) Final Creditors Meeting held at Castle Hill - Click here for meeting report 

21 July (Monday) Receiver Deloitte say this is their deadline for one of two remaining bidders to settle the sale. Otherwise the companies will be liquidated. Deadline comes and goes...

24 July 2008 Beechwood South Coast Meeting hosted by Shelley Hancock MP - briefing by Catherine Cusack, NSW Shadow Minister for Fair Trading - meeting notes

29 July (Tues) Deloitte announce Beechwood assets sold to Resibuildco - part of the Cavassini family group of companies. (Click here for announcement)

7 August (Thurs) Armstrong Wily release 'Second Report to Creditors' and tell the media it is unlikely there will be any return to unsecured creditors from the sale. Deloitte have not provided a copy of the contract and sale details to Armstrong Wily.

8 August 2008 (Fri) Creditors Committee meets at Armstrong Wily Offices and resolve to support recommendation to liquidate the 3 LED companies.

14 August (Thurs) resumption of Final Creditors Meeting at Castle Hill.