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Masoud Abshar says Magellan Power supplied about $500,000 of equipment to EC&M. Photo: Gabriel Oliveira

Suppliers caught in EC&M insolvency

Bibra Lake-based Magellan Power has been hit by the insolvency of EC&M after supplying nearly $500,000 of equipment to a project, leading managing director Masoud Abshar to add his voice to calls for stronger laws around payment of subcontractors.

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West Perth
I am unsure how many more corporate collapses in the construction industry are required before government will act. We have been advocating and facilitating the use of project bank accounts to principals/developers, financiers, builders and subcontractors to provide confidence and a degree of surety to all parties in the supply chain. In the absence of legislative support, special consideration needs to be made in the setup of these accounts to ensure that they do not form property of the entity in an insolvency scenario. I hope the state or federal government will act sooner rather than later and provide legislative support with respect to security of payment in the construction industry.

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Employees

29th↓Cape280
30th↑MSP Engineering280
31st↓EC&M275
32nd-WBHO Infrastructure250
33rd-Wormall Civil240
102 contractors ranked by total staff in WA

Revenue

35th↑Perkins Builders$185.0m
36th-EC&M$160.0m
38th↓New Town Toyota$179.0m
39th↓International Livestock Export$176.4m
120 private companies - large ranked by revenue most recent financial year

Number of Employees

Private Companies - Large

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