Another construction company in Australia has recently entered administration amidst the country’s highest interest rates in over a decade. Kingdom Constructions Group Pty Ltd, based in Melbourne, appointed Magnetic Insolvency’s Peter Goodin as the administrator on Wednesday night.
Goodin stated that the company will undergo a restructuring process with the aim of emerging with a more sustainable business model. He is scheduled to meet with the directors to discuss the way forward.
As debt repayment arrangements are being negotiated, a decision is pending on how the commercial construction group can continue its operations. Kingdom Constructions Group specialized in new builds, renovations, extensions, fit-outs, and refurbishments.
Located in Thornbury, Melbourne’s inner north, the company mainly focused on constructing new medical clinics, dental practices, restaurants, as well as community facilities such as pavilions and public toilets. The future of the company remains uncertain as stakeholders work towards a solution during this challenging time.
