Victorian home builder Harmac Group has today joined the long list of construction companies in financial strife in 2023, with Shaun Matthews and Barry Wight of restructuring advisory firm Cor Cordis appointed as voluntary administrators.
The appointment relates to four of the group’s subsidiaries – Harmac Homes, Harmac Constructions, Harmac Urban Living and Ridge Homes.
Other entities in the group are not subject to the administration.
It is unclear how many projects the group currently has under construction, but Cor Cordis notes there has been a pause on construction works while the administrators urgently assess the business operations and explore all options to restructure or recapitalise the businesses, including through a deed of…
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