Ostwald Bros, a Queensland-based engineering and construction company servicing the mining and agriculture sectors has placed itself into voluntary administration, putting nearly 470 jobs at risk.
Derrick Vickers and Sam Marsden of PriceWaterhouse Coopers Australia (PwC) have been appointed voluntary administrators of Ostwald Bros Pty Ltd, and two related entities; Ostwald Bros Civil Pty Ltd and Ostwald Bros Construction Materials Pty Ltd.
They have also been appointed liquidators of a third related entity, Ostwald Facilities and Accommodation Pty Ltd.
The administrators will be conducting an urgent review to ascertain whether the companies can continue operations.
During this period most employees will be stood down for a period of 48 h…
Read the full article at: http://www.queenslandcountrylife.com.au/story/4882961/pwc-appointed-administrator-of-ostwald-bros-group/