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Another construction company has gone into administration as Australia struggles with the highest interest rates in more than a decade.
Kingdom Constructions Group Pty Ltd on Wednesday evening appointed Peter Goodin of Magnetic Insolvency as administrator of the Melbourne-based company.
“The company will be restructured with a view to coming out the other end with a more positive structure that can sustain the future,” he told Daily Mail Australia on Thursday morning ahead of a meeting with directors.
A decision must be made as to how the business contractor group can continue its trade as debt repayment arrangements are drawn up.
The company specializes in new construction, renovations, additions, furnishings and conversions.
Kingdom Constructions Group, based in Thornbury in Melbourne’s inner north, had mainly completed new medical clinics, dental practices and restaurants, along with community facilities such as pavilions and public toilets.
Another construction company has gone into administration as Australia grapples with a housing crisis
The Victorian Building Authority confirmed that they were only licensed for low-level, commercial building work and did not do residential building, despite listing this service on their website.
“They would not be eligible to undertake residential developments and therefore there would be no home insurance,” a spokeswoman told Daily Mail Australia.
It was established in 2012 and said on LinkedIn: ‘We build your vision.’
“We are committed to providing an extremely high level of personal service conducted with the highest integrity and confidentiality,” it said.
“This is reflected in the growth of our business and our customer base, which has largely been developed through referrals and excellent service delivery.”
Director Michael Finn had described himself on LinkedIn as an ‘engineering and project management professional who possesses strong technical, motivational, organizational, mentoring, communication and teamwork skills gained through a combination of academic achievement and practical application, with a willingness to try new and innovative building ideas’.
Australian insolvencies have risen over the past year, with the Reserve Bank in November raising the cash rate for the 13th time in 18 months to a 12-year high of 4.35 per cent.
The Australian Securities and Investments Commission announced the insolvency on Wednesday night.
Kingdom Constructions Group Pty Ltd on Wednesday evening appointed Peter Goodin of Magnetic Insolvency as administrator of the Melbourne-based company