05/08/2022 - 15:53

Payday for Pindan creditors

05/08/2022 - 15:53

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Creditors of Pindan Constructions are set to find out how much of their debt will be recovered in a matter of weeks, 14 months after the building group collapsed owing creditors $90 million.

Payday for Pindan creditors
Pindan Constructions was one of nine Pindan Group entities to be placed in liquidation in May last year. Photo: David Henry

Creditors of Pindan Constructions are set to find out how much of their debt will be recovered in a matter of weeks, 14 months after the building group collapsed owing creditors $90 million.

In a notice published by the corporate watchdog today, liquidators of the entity notified creditors that the first dividend would be declared on September 23.

Pindan Constructions was one of nine Pindan Group entities to be placed in liquidation in May last year, with administrators Sam Freeman, Vincent Smith and Colby O’Brien of EY appointed to a further three.

The failure left dozens of active projects, 280 staff and hundreds of subcontractors in limbo.

The news comes just days after Business News revealed St John WA had bought Pindan's former Belmont headquarters for $11.5 million.

 In December, creditors of Pindan and its contracting arm accepted a $14.3 million deal from its Singaporean parent company Oxley Holdings.

Oxley promised to pay its 235 employees as part of the deal, as well as $1.5 million for the liquidation entities, $1,500 for trade creditors and a dividend to larger creditors.

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