Australia’s property construction sector has lost one of its longest-standing players with the sudden collapse of Novati Constructions Pty Ltd, a Sydney-based builder operating since 1971.
Administrators from Worrells were appointed this week after the nearly 50-year-old company was placed into voluntary administration, triggered by financial difficulties that reflect broader pressures on the industry.
A first creditors’ meeting has been scheduled for next Wednesday (18 February) as stakeholders seek clarity on the business’s future.
Family business brought to a halt
Novati Constructions was founded in 1971 by Peter Novati and remained a family enterprise, with Luisa and Marco Novati listed as company…