Following a 48 hour employee stand-down, the Administrators of Ostwald Bros Pty Ltd (‘the Group’) and related entities have today advised that, as a result of the financial position of the company, 260 employees have been made redundant.
A further 140 employees have been asked to continue to stand-down, pending the outcome of discussions with lead contractors on a number of sites that could see these projects return to operation.
“This is not a decision we have taken lightly, and we explored all options for continuing the entire Group’s operations on a business-as-usual basis,” said administrator Derrick Vickers, PwC Australia.
“Unfortunately the current position of the company is such that this was not possible.
“However, we are in discussions with contractors at several sites and are hopeful that up to 140 employees will be able to return to work early next week.”
Redundant employees were informed of the Administrator’s decision this morning, ahead of information sessions which will be attended by representatives from Centrelink, the Queensland Department of Education, and counseling services.
The Administrators are continuing their investigation into company's financial position, assets and liabilities, and will provide an update to creditors at the first creditors meeting on Wednesday, September, 6.
Creditors should register their claim with the Administrator by calling (07) 3257 5111.
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.
