A long-standing construction firm, Paul Y. Engineering Group, on Friday had its provisional liquidation application approved by the court.
The High Court has now appointed a provisional liquidator for Paul Y’s five subsidiaries to handle debts and formulate a restructuring plan.
The government said while the 78-year-old company is undertaking a number of public works projects, the impact of the formerly-listed firm’s situation should be manageable.
In a statement, the government said the company is currently working on 13 public works projects — all but one of them were undertaken by way of joint venture with other construction companies.
Paul Y is also responsible for a number of projects for other public organisations.
“As the…
