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Showing posts from May, 2012

Voluntary administration for Hastie group

Administrator PPB Advisory today announced it would suspend Hastie's Australian mechanical, electrical and plumbing operations, after determining there were insufficient funds to operate  and run the businessesThe Administrators will remain in control of the companies that comprise the mechanical, electrical and plumbing (MEP) businesses in Australia as well as operations in the Middle East. These businesses employ 2,700 people in Australia and approximately 2,000 in the Middle East. More at said staff across the businesses had been informed formally of the situation and that there would be job cuts.Hastie group problems  and administrationHastie Group, which provides solutions for commercial and industrial air conditioning and refrigeration services  to both Australia and New Zealand, had already been in talks with banks and new investors to extend its loans, but they broke down when Hastie discovered an employee had been falsifying accounts.The acc…