An Australia-wide importer of kitchen and bathroom cabinetry has collapsed into administration.
Administrators Greg Hall and Guy Edwards of PwC were appointed to Tekform last week.
Tekform operates along Australia’s east coast as well as in Tasmania and South Australia, with agents in Western Australia and New Zealand.
The business is made up of three separate companies, Tekform Queensland, Tekform Marketing and Tekform Victoria and all three have been placed in administration.
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Tekform has around 70 employees and turned over $30 million last year.
Edwards told SmartCompany it is “still a bit too early” to tell what the outcome of the administration is likely to be.
The administrators are continuing to trade Tekform.
“It’s business as usual while we work through our recovery structure plan,” Edwards says.
“We’ll report to creditors in due course about what the likely outcome will be.”
Macquarie Bank is a secured creditor and there are substantial related party loans and “a large number of suppliers” which are owed money.
The administrators are still finalising how much money Tekform owes.
The first meeting of creditors will be held on February 10, 2014.