- Five LVX Global Group companies in administration
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A $30 million South Australia-based global engineering company has collapsed.
Five LVX Global Group companies went into administration on March 27, leaving 25 employees in the lurch.
The company has offices in the United Kingdom, Germany and South Korea, with headquarters in Adelaide.
Administrators Ken Whittingham and Mark Robinson of Fort Restructuring were appointed and said the company had a number of ongoing projects in Australia.
Five LVX Global Group companies went into administration on March 27, leaving 25 employees in the lurch
The couple said the business would be sold or restructured under a deed of business arrangement.
“In either scenario, we hope that most employees’ jobs will be preserved and businesses will continue to operate,” they said in a statement.
“Employees in this group have engineering experience based on specialized, proven technology and a track record of successful construction and other infrastructure-related projects.”
LVX Global has worked on major infrastructure projects such as Sydney Light Rail and Brisbane Airport.
More to come