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The Australian Subcontractors Association (ASA) has called on the federal government to provide greater protection for subcontractors in the wake ofrecent administration woesof engineering firm RCR Tomlinson.
Last week, the storied contractor delivereda surprising news that it was appointing voluntary administrators due to financial troubles. In August, RCR raised $84 million on an intended $100 million and boasted a $1.1 billion order book.
RCRs share price fell from $2.12 at the end of July to $1.05 by the start of September.Thedrop was largely related to issues with RCRs solar farm investments in Queensland, which have suffered from a write-down of around $57 million.
By the time RCRwas announcing its administration last week,…
Read the full article at: https://www.australianmining.com.au/news/rcr-tomlinson-collapse-highlights-subcontractor-crisis/