Earthworks and heavy haulage company NJ Contracting has collapsed with administrators appointed on 2 July.
Peter Dinoris and Nick Combis of Vincents Chartered Accountants have been appointed as administrators to the business, which has provided services across regional Queensland since 1999.
Dinoris told SmartCompany the administrators are still investigating why NJ Contracting collapsed.
While it is still early stages in the process, Dinoris says “reasons for the insolvency of the company include the loss of a major contract”.
The collapse follows the administration of Roadwise Transport Group earlier this year and the collapse of transport and logistics company Wettenhalls last year.
NJ Contracting had a turnover of around $25 million a year and Dinoris says there are “substantial creditors” including the Australian Tax Office.
Creditors are owed $3.6 million and debtors $6.3 million.
NJ Contracting has around 80 staff and at this stage the business continues to trade through a licensing agreement with an associated entity.
The first meeting of creditors will be held at Roma on July 11.
In the meantime, Dinoris and Combis are continuing their investigation into NJ Contracting with the results to be provided in a detailed report to creditors.
Cara Waters is the editor of SmartCompany. Cara was previously a senior reporter at the Financial Times website FT Adviser in London and has also worked for The Sunday Times.
