50-year-old construction company Property Coordination (Australia) enters voluntary administration, owing $20m, due to losses from fixed price contracts and cost escalations.

50-year-old construction company Property Coordination (Australia) has entered voluntary administration, owing $20m, despite a $90m pipeline of future work. Directors of the company made the decision after significant losses from fixed price contracts and escalating subcontractor, supplier, and operating costs. The collapse of Property Coordination follows a wave of construction company breakdowns in the industry.