A NSW-based engineering and construction company with more than 40 years’ experience in project management, demolition and medium to large construction work has been placed in voluntary administration, owing creditors about $1.2 million.
Administrators Robert Moodie and Will Griffiths of Rodgers Reidy were appointed to manage the voluntary administration of TOLCO on July 31.
According to TOLCO’s website, the company was founded in 1976 with a “proud history of successfully completing various major projects and maintenance work for wide range of clients and varying industries throughout Australia”.
The construction company has been responsible for a number of big projects over the years and its clients have included BlueScope Steel, BHP Billiton, Boral Concrete and Leighton Contractors.
Griffiths told SmartCompany this morning the first meeting of TOLCO’s creditors will take place on August 12.
“The financial position of the business is currently under review, the details of which will be provided to creditors at the first meeting of creditors,” he says.
TOLCO employs 40 full-time staff and last financial year the company had a turnover of $11 million.
Griffiths says a shortfall of orders is believed to behind TOLCO’s collapse.
“The company attributes a shortfall of orders for its current position,” Griffiths says.
TOLCO owes trade creditors about $1.2 million, Griffiths says.
*SmartCompany amended this article at 1.30pm on August 3 to reflect that TOLCO is a NSW company and not a WA company as originally stated.