A major civil construction business has collapsed, leaving behind a massive debt load and dozens of workers without a job.
A report to creditors from April 5 suggests the company’s fortunes started to crumble in 2022, with the company’s estimated working capital ratio falling below one. Through to June 30, 2021, the company’s estimated working capital ratio stood at 1.15, but by the date of administration, according to liquidators, the ratio had shrunk to 0.45.“The company had insufficient and deteriorating current assets to meet its current liabilities from 2022 onwards,” the report states.
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