Construction company Zadro Constructions enters voluntary administration
- Construction company collapses after 51 years
- Zadro Constructions has gone into voluntary administration
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Another construction company went into liquidation and laid off all its staff.
Western Sydney-based Zadro Constructions went bust last month and Grant Thornton Australia was appointed administrator on September 15.
As a result, all seven employees were fired.
A record 2,213 construction companies went bust in the 2022-23 financial year, an increase of 72% on the previous 12 months.
Fixed price contracts, escalating construction and material costs, supply chain issues and trade shortages have been blamed for the failure of a large number of builders in recent times.
Zadro, which had been in business since 1962, recently completed 14 school infrastructure projects in Sydney’s west and north and restored several churches, including St. Anthonys in Clovelly and St. Patrick’s in Kogarah.
Zadro Constructions has gone bust after 51 years of working in NSW and the ACT. Pictured: Workers stand back after crane incident at Sydney Fish Market site
Penrith-based Zadro has been working on the upgrade of Sydney’s iconic Hyde Park Barracks.
The company has also completed the development of the Westconnex Highway Operations Centre, worked on the iconic Hyde Park Barracks at the Sydney Living Museums and has also completed projects within the ACT.
The Penrith-based company’s online biography says it has “successfully” worked on long-term projects for 51 years across many sectors, including “education, retirement living, aged care , residential, commercial, education, public infrastructure, retail, heritage and industry.
“The administrators have held discussions with key clients regarding options for restructuring the company’s affairs and the completion of current projects,” a Grant Thornton spokesperson said. 7News.
“Although discussions regarding the future of the projects continue, it appears unlikely that the company will resume operations and all staff have been officially made redundant.”
John McInerney and Cameron Crichton of Grant Thornton are joint administrators.
The company’s future will be determined after a meeting with creditors this month.
Zadro’s collapse comes just 11 days after it was announced that 100 workers would be out of work following the demise of South Australian manufacturer Wake Concepts.
The company will be dissolved and Anthony Phillips of Heard Phillips Lieberenz will be appointed liquidator despite several unfinished projects.