26-year-old Australian building firm Rork Projects entered voluntary administration owing over $30M to creditors, with $15M unlikely to be recovered.
26-year-old Australian building company, Rork Projects, entered voluntary administration in March, owing more than $30 million to creditors, of which over $15 million is unlikely to be recovered for unsecured creditors, including subcontractors and suppliers. The company had 63 active construction projects across Australia and reported a $10.6 million net loss for the 2023 financial year. Rork Projects may have been insolvent since at least June 30, 2022.
March 30, 2024
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