Contractor Indigenous Construction Resource Group has suffered two setbacks, with its half-owned joint venture ICRG North expected to go into liquidation owing creditors about $4 million.
Perth-based ICRG has also been forced to admit that, contrary to its own statement, it did not buy consulting business Nana Australia.
The failure of ICRG North, which worked primarily on infrastructure projects for the NT government, could come at a substantial cost to ICRG.
The directors of Darwin-based ICRG North placed the business into voluntary administration on February 22.
Stuart Reid, a partner at Darwin accounting firm Meertens, told Business News a meeting of creditors is scheduled to happen tomorrow.
Mr Reid said the most likely outcome was that …
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