A civil construction company has gone bust, leaving millions in unpaid debts and dozens of workers out of a job.
Mainscarf, which trades as Hansen Constructions NQ, fell into voluntary administration on January 3, with administrators David Stimpson and Michael Brennan of SV Partners appointed to take control of the North Queensland company.
A report to creditors from April 5 suggests the company’s fortunes started to crumble in 2022, with the company’s estimated working capital ratio falling below one.
A working capital ratio of one is considered to be a benchmark figure for solvency, the report notes.
Through to June 30, 2021, the company’s estimated working capital ratio stood at 1.15, but by the date of administration, according…
