Construction Firm Arrow International Put Into Voluntary Administration

Construction business Arrow International has gone into voluntary administration after a contractual dispute left it with insufficient cashflow to meet operating costs, The New Zealand Herald reported. Administrators from accountancy BDO were appointed at 2.30pm today. "This is not the outcome we wanted or expected, but in light of a recent adjudicator's decision, we had no choice but to take this course of action," the company's board said in a statement. "We have managed the tough trading conditions which have stressed the entire sector, but this unexpected result has affected solvency to the point that we could not sustain trading as we have been." Arrow International was founded by Ron Anderson and Bob Foster in Dunedin in 1984. "In recent times, the construction industry has become challenging and there is a disproportionate level of risk carried by contractors," they said, adding that they wanted to work with administrators to stabilise the business. Read more