Southern Cross Collapses With Debts In Millions
One of the state's biggest construction companies has collapsed, with more than 500 creditors believed to be owed millions of dollars, the Herald Sun reported. Southern Cross Constructions yesterday appointed accounting firm Cor Cordis as administrators despite four major projects in NSW still to be completed. While administrators say the majority of projects remain close to completion, the future of the company's 39 employees remains uncertain. "We have only just been appointed so it's too early to say what the current financial position of the company is," Ozem Kassem from Cor Cordis said. The administrators are to meet with some of the building company's 600 creditors on November 5. Southern Cross's NSW projects include a new Woolworths and Bunnings Warehouse on the corner of Condamine St and Balgowlah Rd, Balgowlah, and the new headquarters for Yalumba Estate wines. It is believed that the company owes $17 million to more than 600 creditors, however that number is expected to increase. The creditors are primarily located in NSW. Read more.