This article is from the Australian Property Journal archive
LIQUIDATORS have been appointed to one of Western Australia's oldest builders, MI Constructions (WA) Pty Ltd.
Avior Consulting has been appointed liquidator to the 40-year old company, following an assessment of its financial position and the restructuring alternatives available.
The company had employed 18 staff prior to the closure and records indicate that it is engaged in over 175 residential building projects in the Perth area, which are at varying stages of completion.
Avior Consulting managing director Dermott McVeigh has commenced an analysis of the company’s position and has advised that the company’s business ceased to trade before his appointment as liquidator.
“We are working very closely with the company’s director to achieve an outcome that is in the best interest of all creditors. We are also working closely with the company’s insurer, QBE, to assist the company’s customers to lodge insurance claims in situations where they have suffered a loss from the company’s liquidation,” he added.
McVeigh said the firm needs more time to make a proper assessment of all building projects under construction by MI Constructions and will liaise directly with customers in relation to the future of each project.
A meeting of creditors has been convened on Monday, 17 February.
“I hope to be in a position to provide creditors with more details of the company’s position then.
“We have also commenced an investigation into the company’s failure which we will discuss with the company’s creditors in due course,” McVeigh concluded.
Property Review
