Wednesday, March 6, 2013

Another One Bites the Dust in Australia


Another business in the troubled Australian construction industry has collapsed and 25 workers were fired when Mornington Park Homes, a Tasmanian builder of mobile homes, was placed in administration (bankruptcy) after more than three decades in business. ***no website found

Rob Kirman and Matthew Caddy of McGrathNicol (receivership administers) were appointed and took control of company assets and affairs. Following an assessment of its financial situation, it was determined Mornington Park Homes could no longer continue trading, Kirman said in a statement.

They are in the process of seeking a buyer for the assets of Mornington Park Homes and will be placing a public announcement calling for expressions of interest in the coming days," Kirman said in the statement.

Over the past 32 years the business has produced nearly 32,000 mobile homes in Tasmania.

Mornington Park Homes is just one of a long list of construction companies to go under recently, with Australian Securities and Investment Commission figures indicated a full 20% of the reported 10,632 company collapses last year were construction companies.

In November last year, Trade Fusion, a New South Wales manufacturer of commercial portable buildings, also collapsed. ***no website found

Trade Fusion's factory
Australian industry is dominated by small businesses, with 90% of companies employing fewer than 20 people.

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