PROMINENT Darling Downs civil engineering and construction firm Ostwald Brothers has been placed in voluntary administration.
Ostwald Bros is well known across the agriculture sector for its work in feedlot construction and expansion, and earthworks associated with irrigation development. The company also has close business connections with the mining sector.
Derrick Vickers and Sam Marsden of PwC Australia have been appointed administrators of Ostwald Bros Pty Ltd and two related entities, Ostwald Bros Civil Pty Ltd and Ostwald Bros Construction Materials Pty Ltd. The pair have also been appointed liquidators of a third related entity, Ostwald Facilities & Accommodation Pty Ltd.
Ostwald Bros employs about 470 staff.
A PwC statement said the administrators would be conducting an urgent review to ascertain whether the companies can continue operations. During this period most employees will be stood down for a period of 48 hours.
PwC’s Derrick Vickers said, “We will work with all stakeholders to determine the current position of the company and explore every possibility to restructure it for the future.”
Following its review, PwC will deliver a report to Ostwald Bros’ creditors, with the first meeting of creditors due to take place on Wednesday, 6 September.