Building company Zadro Constructions goes into voluntary administration

Construction company Zadro Constructions goes into voluntary management

  • Construction company goes bankrupt after 51 years
  • Zadro Constructions went into voluntary administration
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Another construction company has gone into voluntary administration and all its staff have been made redundant.

Western Sydney-based company Zadro Constructions collapsed last month and Grant Thornton Australia was appointed administrator on September 15.

As a result, all seven staff members have been dismissed.

A record number of 2,213 construction companies went bankrupt in the 2022-2023 financial year, an increase of 72 percent on the previous twelve months.

Fixed-price contracts, an escalation in construction and material costs, supply chain issues and shortages of traditional products are responsible for the vast number of construction companies that have gone under in recent times.

Zadro, which had been operating since 1962, has recently completed fourteen school infrastructure projects in Sydney’s west and north and restored several churches, including St. Anthonys in Clovelly and St. Patrick’s in Kogarah.

Zadro Constructions has gone bankrupt after 51 years in business in NSW and the ACT. Pictured: Workers stand still after a crane incident at Sydney’s fish market

Zadro from Penrith worked on the iconic upgrade of Sydney's Hyde Park Barracks

Zadro from Penrith worked on the iconic upgrade of Sydney’s Hyde Park Barracks

It also provided the fit-out of the Westconnex Motorway operations centre, worked on Sydney Living Museums’ iconic Hyde Park Barracks and also carried out project work in the ACT.

The Penrith-based company’s online biography says it has ‘successfully’ worked for 51 years on long-term projects across many sectors including ‘education, pensions, aged care, residential, commercial, education, public infrastructure, retail, heritage and industrial ‘.

“The administrators were in discussions with key customers about opportunities to restructure the company’s affairs and complete ongoing projects,” a Grant Thornton spokesperson said. 7News.

‘While discussions about the future of the projects continue, it appears unlikely that the company will resume operations and all staff have been formally laid off.’

John McInerney and Cameron Crichton of Grant Thornton are the joint managers.

The future of the company will be determined this month after a meeting with creditors.

Zadro’s collapse comes just 11 days after news that 100 workers were left jobless following the demise of South Australian builder Wake Concepts.

It will be wound up and Anthony Phillips of Heard Phillips Lieberenz will be appointed as liquidator, despite having several unfinished projects on the books.

It was involved in the construction of Walker Corporation’s $1 billion One Festival Tower, which was expected to be completed in 2023.

The collapse of Wake Concept came just days after major Adelaide housebuilder Qattro also collapsed, throwing about 200 housing projects into doubt.