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Lutum, the national roofing tiles and masonry products supplier spun out of ASX-listed Boral in 2021, went into voluntary administration on Tuesday with outstanding debts of $20 million.
EY administrator Morgan Kelly, appointed with colleagues Martie Tziotis, Stewart McCallum and David Kennedy, said they were working with Lutums existing management to keep the business going and find a party willing to recapitalise it, which they hoped to within two to three months.
Holes in the business case: Lutums directors said last month quality problems with the ti…
Read the full article at: https://www.afr.com/property/commercial/building-materials-supplier-lutum-goes-into-administration-20240423-p5flzj