“John, are you sure you will get paid for that big job?”
John finally has a new answer.
Enough said.
Steve Nolan Constructions went into liquidation yesterday. As reported this morning on 2GB’s The Ray Hadley Morning Show and by The Daily Telegraph unsecured creditors of Steve Nolan Constructions are going to be left out of pocket to the tune of approximately $30 million.
Members of the Construction Forestry Mining and Energy Union NSW (CFMEU) along with builders, contractors and suppliers involved on the project were protesting today at the St Leonards site to convey their outrage at the impact this will have on their businesses and employees. A collapse of any business always has a knock on effect down the line and some of the unsecured creditors could find themselves in a real financial struggle due to the invoices that will be left unpaid.
Another casualty of this collapse will be
Yet another business went into administration last week despite turning over $14 million. Hallam Manufacturing is just the most recent in a long line of manufacturing businesses to collapse and even a successful trading history of 41 years wasn’t able to help it.
This will no doubt be a horrible time for Hallam Manufacturing, their staff and families. But what about the flow on effect that this will have on the businesses who are unsecured creditors who will miss out on a collective $1.9 million due to these events? It’s likely that this could have crippling effect on