In sad news for the region, a longstanding iconic Queensland family business based in Dalby has been placed into voluntary administration. Voluntary Administrators were appointed to Ostwald Bros Pty Ltd, Ostwald Bros Civil Pty Ltd and Ostwald Construction Materials Pty Ltd.
Liquidators have also been appointed to a fourth company, Ostwald Facilities and Accommodation Pty Ltd.
If you have contracted with any of these companies we recommend you obtain urgent advice regarding your rights and, if necessary:
- take steps to secure money you may be owed; or
- reduce your risk of a possible claw back of preferential payments.
These types of situations are horrible: for the Ostwald family; for the significant number of affected employees and their families; for the wider communities in which the businesses have been operating for many years; for the businesses in the supply chain who’ve dealt with Ostwald Bros and now face an uncertain time.
There is little doubt that no-one goes into business wanting to confront this scenario at any time. Undoubtedly there will be much speculation around the cause of yesterday’s events and people should be cautious about reputational matters at this time.
As we saw when local Toowoomba business Ivan Johnston & Co Pty Ltd collapsed during late 2015, acting swiftly to get the right advice is imperative. We were able to help a large number of businesses at that time because they did not delay in making contact with us.
Contact Kylie Howell, Head of Construction, or Harrison Humphries, Head of Litigation, to obtain advice today.