A major Australian company involved in the construction sector and valued at $30 million just nine months ago has plunged into administration.On Wednesday morning, five companies under the banner of LVX Global Group appointed administrators to drastically turn their fortunes around.
The engineering company claims on its website to have a presence in more than 20 companies across the world. LVX continues to trade while administrators seek an urgent buyer for either the entire business or some of its assets.It’s a pretty significant fall from grace with news reports last year indicate the infrastructure business was thinking of launching itself on the stock exchange in an initial public offering, with an estimated value of $30 million.Ken Whittingham and Mark Robinson of insolvency firm Fort Restructuring have been appointed as administrators.
“Under either scenario we expect that most employees’ jobs will be preserved, and the businesses will continue to trade,” the administrators said.
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