Subcontractors told to stop work on Hastie projects, as there is no ‘access to cash’
Adminstrators of Australian rac giant Hastie Group said there are no funds for 33 of the companies it is administering in the M+E and plumbing (MEP) sector in Australia and the Middle East, affecting a total of 4,700 jobs.
Banks appointed administrator PPB Advisory today, as a result, PPB said, of a weak Australian commercial sector, combined with difficulties collecting cash in the Middle East.
PPB has told subcontractors on its projects to stop work until further notice as there is no ‘access to cash.’
A further 11 maintenance firms in Australia are being separately run in Receivership as going concerns, while the businesses in UK and New Zealand will operate ‘as normal’ under separate adminstrators.