On 11 April 2019, Morgan Lane and Nikhil Khatri of Worrells Solvency and Forensic Accountants were appointed voluntary administrators of Multifix Constructions Pty Ltd.
Established since 1997, the company operates in the construction industry specialising in formwork, reinforcing, and concreting. In recent years, the company had grown to provide services to major infrastructure and construction projects in Queensland and Northern New South Wales. As part of the Bruce Highway Upgrade Program, Multifix Constructions had been engaged by CPB Contractors for the Mackay Ring Road project, which commenced in late 2017 with completion projected for mid-2020.
Upon their appointment the administrators reviewed the company’s financial position and determined it was not viable to continue trading. All staff (approximately 50 people) have been terminated.
Mr Khatri said, “We are now assessing the company’s assets and ascertaining a comprehensive status of all the projects the company is engaged to. We understand this is a difficult time for all involved and we are working with the director to ensure all affected parties are informed at each step in the administration.”
Creditors will be advised of the outcome of the administrators’ preliminary investigations at the first meeting of creditors, which is due to be called next week.
If anyone has information in relation to the company’s financial affairs, those parties should contact the Worrells Brisbane office. Creditors are requested to lodge a formal proof of debt via Worrells’ website (www.worrells.net.au).
Worrells appreciates the impact the appointment has on the employees, creditors, local and regional tradesmen and related business community. Worrells will continue to proactively communicate with all affected parties. The objectives of the voluntary administration regime will assist to bring about the best possible outcome for the company and its creditors.
In the voluntary administration process, a first meeting of creditors is held within eight business days of the appointment, and a second meeting of creditors is usually held within 20 to 30 business days after the appointment. It is at the second meeting that creditors will determine the future for Multifix Constructions.
Worrells has 27 offices nationally and 30 partners, across Qld, NSW, ACT, Vic, SA, and WA. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for over 45 years.
–ENDS–
Nikhil Khatri
Partner, Brisbane
nikhil.khatri@worrells.net.au / 07 3225 4313