A major Australian national builder company NPM Group collapsed and as a result, lost 100 jobs in Australia. NPM Group stands for National Projects and Maintenance. It has collapsed with its hundred employees.
NPM has a business specializing in construction, and maintenance projects as well as minor works and fit-outs in the commercial sector. It has completed more than 45,000 projects across six states and territories of Australia.
NPM Group ceased its operations yesterday after being collapsed into administration. It has gone into voluntary administration on Oct 23, 2023. All full-time hundred employees were let go prior to the administration appointment of NPM.
Among the newly appointed administrators of NPM are Graeme Beattie, Christopher Darin, and Aaron of Lucan of Worrells.
Graeme said the administration process is in its early period and they are working hard to establish the financial position of NPM immediately. It involves identifying assets available for realization and quantifying claims of creditors with the help of the director and senior staff of NPM Group.
Moreover, he said we are conscious about the impact of appointments which will have on everyone involved.
NPM director Daniel Afonso said in a statement that ongoing market pressure has made the continued operation of NPM unsound due to shortages of skilled labor, increased interest rates, and inflationary pressures. Plus the commercial sector continues to suffer from the proceeded effects of the COVID-19 pandemic, 9News Australia reported.
The head office of NPM business was in Sydney, a registered firm since 2014. Ten companies were under its banner across New South Wales, Victoria, Queensland, Western Australia, and the Australian Capital Territory (ACT). These specific ten companies were operating under various trading names.
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