Friday, March 15, 2013

Work set to resume on Astin building site - ABC Online


Updated March 16, 2013 13:10:00


Work is expected to resume soon on a development in Canberra's inner-north which was stopped when the building contractor went into voluntary administration.


Ply ACT entered voluntary administration earlier this month casting shadow over the Astin Apartments project in Braddon and the Nishi complex at New Acton.


Administrator Alan Hayes has met with creditors, including suppliers and sub-contractors.


He says the owner of the Astin project has agreed to takeover some payments so work can proceed.


"We expect that work should be able to return shortly because we've been able to affect a deal with the principal of that site," he said.


"Offers will be made to creditors, that includes subbies (sub-contractors) and people who don't have sub-contracts but are working there.


"They will receive, if they agree, a significant dividend."


But negotiations are continuing on what will happen at the Nishi site.


"We're happy with the way negotiations are proceeding," Mr Hayes said.


"We're hopeful that we will make an announcement soon, although I can't guarantee that that's going to happen, but I am hopeful."


The next creditors meeting will be held in mid-April.


"Prior to that meeting we will have investigated the business, property, affairs and financial circumstances of Ply ACT Pty Ltd, and we will report our findings to all the creditors," Mr Hayes said.


Topics: work, act, canberra-2600


First posted March 16, 2013 13:05:06



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