Award-winning Novati Constructions collapses after 47 years in business

Voluntary Administration

An award-winning, family-run sydney construction firm has collapsed into insolvency after almost 50 years in business. Novati Constructions, founded by Peter Novati in 1971, entered voluntary administration this week, The Daily Telegraph reported, with administrators from Worrells appointed to take control. Second-generation family members Luisa and Marco Novati are listed as company directors; according to…

Veteran Sydney builder Novati Constructions collapses into voluntary administration – latest building and construction news

Voluntary Administration

Australia’s property construction sector has lost one of its longest-standing players with the sudden collapse of Novati Constructions Pty Ltd, a sydney-based builder operating since 1971. Administrators from Worrells were appointed this week after the nearly 50-year-old company was placed into voluntary administration, triggered by financial difficulties that reflect broader pressures on the industry. A…