McGrathNicol said “indications of insolvency” were apparent as early as last August, after costs blew out by $57 million on its Daydream and Hayman solar farm projects in Queensland, leaving the project facing a $28.5 million loss instead of a $28.5 million profit.
“At that time, management and the board considered that the cost overruns were isolated to those two projects, and that the funds sought through the 2018 capital raise would be sufficient to address the issue, however further cost overruns had been identified on those and other projects by the end of October 2018,” McGrathNicol said.
The administrators also said directors may have breached section 180 of the Corporations Act, which requires directors to exercise “care and dilig…
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