A global infrastructure company based in South Australia and valued at $30 million has gone bankrupt.
Five companies under LVX Global Group went bankrupt on March 27, leaving 25 employees in the lurch.
The company has offices in the United States, Germany and South Korea, with its headquarters in Adelaide.
Fort Restructuring administrators Ken Whittingham and Mark Robinson were appointed and said the company has several projects underway.
Five companies under LVX Global Group went bankrupt on March 27, leaving 25 employees in the lurch
The couple said the company would be sold or restructured under a company deed.
“In both scenarios, we expect that most workers’ jobs will be preserved and companies will continue to operate,” they said in a statement.
‘The employees of this group have specialist and proven technology-driven engineering expertise and a track record of successful construction and other infrastructure-related projects.’
LVX Global has worked on major infrastructure projects such as Sydney’s light rail and Brisbane airport.
The company was founded in 1991 and completed projects across Australia before going international.
LVX Global was valued at $30 million last year as it earned $5 million from investors.
The company claims to have a presence in twenty countries around the world and offers technology consulting, strategy, engineering and project management services.
The companies in administration are LVX Global Holdings Limited, lvX Global Consulting Pty Limited, LVX IOT Pty Limited, Norman Asset Delivery Pty Ltd and LVX Global (IP) Pty Ltd.
LVX Global has also worked on the Royal Botanic Gardens of NSW.