The administrator of collapsed building company Pindan Group says up to 1,400 creditors are owed between $70 and $80 million dollars.and reportedly owes creditors tens of millions of dollars, with hundreds of subcontractors and trade supplies affected.
Sam Freeman from administrator EY said the investigation into how the company collapsed was in the very early stages. “We understand that the directors had been pursuing opportunities to bring in new investors over the last few months,” he said. “Over the course of the last few days, those investors withdrew from the process and accordingly they made an appointment.”
Pindan is the head contractor for a number of WA government projects, with plans to fast-track "security of payment" legislation in the coming weeks.
Seems to happen alot in WA Last one was Kambo's ...now Pindan. Why are these companies allowed to operate when they have no money
Trading while insolvent?