A South Australian construction company involved in major infrastructure projects around Australia will stop trading immediately.
York Civil recently went into voluntary administration but because of insufficient cash resources and the inability to secure its sale, the company has ceased operating, administrator Martin Lewis said on Monday.
Employees and contractors were informed of the decision on Monday morning with any shortfall in entitlements to be met through the Fair Entitlements Guarantee Scheme should the company be placed in liquidation.
It was too early to determine the level of payments to unsecured creditors, Mr Lewis said, with a meeting to be held on Thursday.
York Civil has been involved with the delay-plagued but almost comp…
Read the full article at: https://www.news.com.au/national/breaking-news/york-civil-to-stop-trading-immediately/news-story/aacbd74600dbf146b5c8c5c3077d8b85