A large construction firm specialising in building schools and other government infrastructure is in administration, the second firm within 24 hours to collapse as mounting pressures in Australia’s building industry reach a crisis point.
Civil design and building firm Lloyd Group, which has 59 projects under way and 200 staff, was placed into voluntary administration with Deloitte on Friday morning, joining major home builder Porter Davis in the financial doldrums.
Lloyd Group lists dozens of school buildings among its completed projects.Credit: iStock
Lloyd Group lists dozens of school buildings among its completed projects, but the firm’s liquidators would not release details of its 59 uncompleted developments.
Porter Davis, which employs 470 staff, appointed Grant Thornton as liquidator on Friday. Work stopped immediately on 1700 new house builds, leaving hundreds of subcontractors in limbo.
Deloitte Turnaround & Restructuring partners Sam Marsden, Sal Algeri, Jason Tracy and Tim Norman were appointed as voluntary administrators of six Lloyd Group companies.
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Lloyd’s hundreds of subcontractors, staff and suppliers are dealing with the same uncertainty and financial loss as that confronting Porter Davis’…