August 5 - According to reports in the Australian media, Trans Global Projects Pty Ltd, the Australian arm of one of the industry's most well-respected brands has entered voluntary administration.
The reports suggest that a significant creditor of Trans Global Projects Pty is the McAleese Group, which is reported to have stated that it is owed AUD7.3 million by Trans Global Projects Pty.
The reports indicate that McAleese Group expects the first meeting of creditors of Trans Global Projects Pty to be held by mid-August.
HLPFI readers may recall that Heavy Haulage Australia (HHA), another company in which the McAleese Group owns 50 percent, was placed into voluntary administration in June 2015 and folded in July after no investor was found.
It will be interesting to see what, if any, provision against this latest debt will be reflected in McAleese Group's 2015 results.
Trans Global Projects Group declined to comment on the news.