This article is from the Australian Property Journal archive
COMMERCIAL property construction, fit-out and design company National Projects & Maintenance (NPM) has collapsed, terminating more than 100 full-time jobs.
Sydney-based NPM had completed 45,000 projects nationally.
NPM CEO and founder Daniel Alfonso said in a statement, “The ongoing market pressures have made NPM’s continued operation untenable, due to skilled labour shortages, inflationary pressures, interest rate rises and a commercial sector that continues to suffer from flow-on effects of (the) COVID-19 pandemic”.
The group had 10 companies across the country.
Graeme Beattie, Christopher Darin, and Aaron Lucan of Worrells have been appointed as administrators. The first creditors meeting is set for 2nd November.
“The administration process is in its infancy and we are working hard to immediately establish the group’s financial position, including identifying assets available for realisation and quantifying creditors’ claims with the assistance of the director and the senior staff of the NPM Group,” Beattie said.
“We are conscious of the impact the appointment will have on everyone involved.”
NPM’s collapse comes just a few days after high-end residential builder Dome was put into liquidation after it could not make the payment demand of a former director, who lent an entity linked to one of the current directors $6.5 million, secured against the company’s assets.
Recent construction industry insolvencies have totalled nearly 800, making up nearly a third of all insolvencies so far in 2023.
