Sub-contractors affected by a prominent local building companys financial woes appear set to receive some monetary relief.
An administrator at the time estimated that the company owed between $4 million and $6 million of creditors.
More than 200 creditors are reportedly affected.
However, the building contractor will emerge from administration after having secured the support of creditors earlier this week for a proposal for directors to maintain $3.3 million in ongoing support.
Under the proposal, known as a deed of company arrangement (DOCA), sub-contractors and other unsecured creditors will receive payments from the sale of company assets and proceeds of an insurance claim.
Although not wanting to reveal cents-in-the-dollar figures…
Read the full article at: http://www.illawarramercury.com.au/story/5122187/illawarra-building-company-pays-out-subbies-looks-to-rebuild/
