Liquidators Probe CMC Cairns Collapse

Liquidators of failed construction company CMC Cairns say they have begun investigations into the company's collapse, ABC News reported. The far north Queensland company went into voluntary administration in May and was placed in liquidation two weeks ago after the directors failed to sign a deed of company arrangement that set out a way to trade out of trouble. CMC Cairns owes unsecured creditors $17.5 million, while debts to financiers are nearly $98 million. A spokesman for liquidators SV Partners says investigations into whether the company traded while insolvent and whether the directors made preferential payments or uncommercial transactions are ongoing. Read more.