26/08/2026
๐๐ฎ๐ง๐ฏ๐๐ ๐๐ซ๐จ๐ฎ๐ฉ ๐ญ๐จ๐๐๐ฒ ๐ฆ๐จ๐ฏ๐๐ ๐ญ๐จ ๐๐จ๐ซ๐ซ๐๐๐ญ ๐๐๐ฅ๐ฌ๐ ๐๐ง๐ ๐ฆ๐ข๐ฌ๐ฅ๐๐๐๐ข๐ง๐ ๐๐ฅ๐๐ข๐ฆ๐ฌ ๐๐ข๐ซ๐๐ฎ๐ฅ๐๐ญ๐ข๐ง๐ ๐จ๐ง ๐ฌ๐จ๐๐ข๐๐ฅ ๐ฆ๐๐๐ข๐ ๐ซ๐๐ ๐๐ซ๐๐ข๐ง๐ ๐ญ๐ก๐ ๐๐ข๐ง๐๐ง๐๐ข๐๐ฅ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง ๐จ๐ ๐ญ๐ก๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ฒ ๐๐ง๐ ๐ข๐ญ๐ฌ ๐๐ก๐๐ข๐ซ๐ฆ๐๐ง, ๐๐ฎ๐ฉ๐ข๐ง๐๐๐ซ ๐๐ซ๐๐ซ, ๐๐ง๐ ๐ก๐๐ฌ ๐๐จ๐ง๐๐ข๐ซ๐ฆ๐๐ ๐ข๐ญ ๐ก๐๐ฌ ๐ข๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐๐ ๐ข๐ญ๐ฌ ๐ฅ๐๐ฐ๐ฒ๐๐ซ๐ฌ ๐ข๐ง ๐ซ๐๐ฅ๐๐ญ๐ข๐จ๐ง ๐ญ๐จ ๐ญ๐ก๐จ๐ฌ๐ ๐ฉ๐ฎ๐๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ.
The company wishes to state the following clearly and on the record:
- ๐๐ฎ๐ฉ๐ข๐ง๐๐๐ซ ๐๐ซ๐๐ซ ๐ก๐๐ฌ ๐ง๐จ๐ญ ๐๐๐๐ง ๐๐๐๐ฅ๐๐ซ๐๐ ๐๐๐ง๐ค๐ซ๐ฎ๐ฉ๐ญ.
He is not, and has never been, the subject of a bankruptcy declaration.
- ๐๐ฎ๐ง๐ฏ๐๐ ๐๐ซ๐จ๐ฎ๐ฉ ๐ข๐ฌ ๐ฌ๐จ๐ฅ๐ฏ๐๐ง๐ญ and continues to trade, with an active development pipeline and projects moving forward as planned.
Much of what is being repeated online attaches the personal financial affairs of our chairman to a company matter he is not personally the subject of. That is not a small distinction and it should not be treated as one.
Punvec has instructed its lawyers to review the publications concerned and to advise on defamation proceedings against those responsible. A published claim that a person has been declared bankrupt, when that person has not been, is a serious allegation. It causes real damage to reputation, to commercial relationships and to the confidence of purchasers and partners, and the company intends to treat it accordingly.
Punvec is also a party to a commercial dispute with one counterparty over a contested amount. That dispute is properly before the court, Punvec is defending it, and the company's position is that the claim is contested and that Punvec is solvent. A disputed debt is not insolvency, and a company matter is not a personal bankruptcy.
Punvec has been building in Melbourne's west for more than a decade, and has done so through a period that has been genuinely difficult for the Australian construction industry. The company recently completed The Murray, a residential development at Thornhill Park, and delivered it to purchasers. Construction on the company's funded commercial project at Diggers Rest is scheduled to commence within the fortnight.
"We understand people have questions, and our purchasers, our partners and our trades deserve straight answers rather than headlines with question marks on the end of them," Punvec chairman Rupinder Brar said.
"There is a difference between reporting a court matter and publishing that a man has been declared bankrupt when he has not. That second thing is not journalism, and we have put it in the hands of our lawyers."
"In the meantime we have just handed over a completed project at Thornhill Park and we start on the ground at Diggers Rest in a fortnight. That is the business, and it is continuing."
Punvec asks that reporting on this matter be based on court records and company statements rather than reposted social media content. The company will not be commenting further on matters currently before the court.
