WESTERN Australian metals fabricator Weldtronics has declined to reveal the identity of the two major debtors that have forced the company into administration.
Henderson-based Weldtronics called in Hall Chadwick late last week amid revelations two big, outstanding payments from two major projects had pushed it to the brink.
In a statement, he said Weldtronics had a secure financial record and business had been very strong.
Hall Chadwick partner Blair Pleash said his office was undertaking an investigation into Weldtronics’ financial position ahead of making recommendations to the company’s creditors.
A creditors’ meeting is expected to take place in the next week and a meeting to decide the fate of the business in the next three weeks.
Established more than 20 years ago, Weldtronics is one of the biggest titanium fabricators in Australia with contracts in mining, oil and gas as well as the marine and power sectors.
Its client list included BHP Billiton, Lihir Gold and Rio Tinto. It was ranked third in the Business Review Weekly’s Fast 100 index in 2008 and Mr Osman was a finalist in the Ernst & Young Entrepreneur of the Year competition in the same year.