Unsecured creditors of construction company York Civil are unlikely to see any returns from the business.
Creditors voted unanimously to liquidate the company at its second creditors’ meeting on Monday afternoon.
In a report provided to creditors, the company’s administrators, Martin Lewis and Timothy Mableson from accounting firm Ferrier Hodgson blamed York Civil’s failure on a number of joint venture projects, which placed a strain on the company’s financial position and time of senior management.
The joint venture projects included Adelaide’s Torrens to Torrens road upgrade, East Link tram extension and Perth’s Swan River pedestrian bridge.
“At this stage, it is unlikely that there will be a return to unsecured creditors of the company,”
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