The Liquidators of Ostwald Bros Pty Ltd have advised that at the second meeting of creditors the creditors voted to place the Company into liquidation and to retain PwC as Liquidators.
All current contracts will wind down to different stages of completion, resulting in the Company ceasing to trade early in 2018.
Under the liquidation scenario, remaining employees will be terminated upon completion of existing projects and therefore eligible employees may be entitled to lodge a claim for unpaid entitlements under the FEG scheme.
If employees resign during the administration period before termination, they will forgo all termination entitlements such as redundancy and payment in lieu of notice.
“We believe that this is the best outcome for creditors and the remaining employees of Ostwald Bros, said Liquidator Derrick Vickers of PwC Australia.
“This means we will be able to provide employment for these people up to and through the holiday period.
“Given our trading relationship with principal contractors during the administration period we’re confident we can continue these contracts in an orderly manner thus preserving contract value.”
A separate creditors meetings will be held for related entities Ostwald Construction Materials, on Friday, December, 1 at 10am in Toowoomba, and Ostwald Bros Civil, on Friday December, 1 at 3pm in Brisbane.
Helen Walker
Helen is the Toowoomba-based journalist who loves nothing better than covering anything horse sport related, however she covers all commodities and personality yarns. Over the years she has lived in Brisbane, Rockhampton, Longreach and Roma filing stories for the 'bible of the bush'. Contact 0459 827414.
Helen is the Toowoomba-based journalist who loves nothing better than covering anything horse sport related, however she covers all commodities and personality yarns. Over the years she has lived in Brisbane, Rockhampton, Longreach and Roma filing stories for the 'bible of the bush'. Contact 0459 827414.
