Project Coordination: Building company collapses under $20million of debts ... trends now
View
comments
A family-run construction company has been placed into voluntary administration just before its golden jubilee, owing creditors over $20million.
Project Coordination's Directors informed staff at their Canberra and Wollongong offices that they had appointed RSM Australia Partners as administrators on Tuesday.
The ACT and NSW-based company has builds worth more than $120million now in doubt while future projects worth over $90million have been stopped in their tracks.
A majority of the company's 67 staff, 38 based in the ACT and 29 in NSW, will be made redundant and receive a payout immediately.
The company was started in 1975 and specialised in the construction and management of public and private buildings, leaving the directors with a 'soul-destroying' decision to hand over the business.
Family-run construction company, Project Coordination (pictured, worksite) has collapsed during its 50th year in business owing creditors over $20million
Father and son directors, chairman Paul Murphy and managing director Gavin, said they 'agonised over this decision' in a joint statement shortly after informing staff.
'Despite seeing other construction companies collapse around us over the past year, we never thought we would be one of them,' the statement reads.
'We thought we had the means, forward order book, capability and industry goodwill to
