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Armstrong Downes Commercial 2012 Limited (ADC) appoints Grant Thornton as liquidators
David Ruscoe and Russell Moore from Grant Thornton New Zealand have been appointed liquidators of ADC, a Wellington based construction company.
Two of the company’s largest construction projects are suffering substantial losses as a result of being fixed price in an economic environment of spiralling costs, procurement challenges, and labour shortages. Following an unsuccessful attempt at restructuring the company’s contracts, it has been decided the appointment of liquidators is in the best interests of customers, sub-contractors and other stakeholders to minimise further losses.
ADC currently has eight construction projects in progress throughout Wellington. ADC is the head contractor in most cases but does not directly employ any staff; its workforce is employed by other Armstrong Downes group companies.
It is important to note no other Armstrong Downes group companies are in liquidation. All queries about other entities should continue to be directed through normal communication channels.
The liquidators have taken control of all ADC construction sites which have been closed for a limited period as they work through different options for each project.
“These sites have been temporarily closed as it’s in the best interests of all stakeholders to protect both ADC and third-party assets, and to allow time to assess available options for each site going forward,” says David Ruscoe.
“It is important for sub-contractors to know we will be returning their assets as soon as practicable, and we will be working with employees from other Armstrong Group companies to facilitate this”.
Grant Thornton will be contacting all customers and suppliers about its appointment in the next few days.
An initial report will be available on the New Zealand Companies Office website on Friday. No further comment will be made until more information is available.
Further enquiries, please contact:
E: adc2012@nz.gt.com