Workers chase millions in unpaid entitlements after closure of Greek Australian steel company

·

About 200 workers are chasing millions of dollars in unpaid entitlements and around 15 steel projects in South Australia are in doubt, after the closure of the state’s biggest steel fabricator.

According to The Advertiser, receivers have permanently shut down operations at Greek Australian-owned business, SA Structural, and appointed BRI Ferrier as administrators.

Three days after the administrators were appointed, creditor NAB engaged Deloitte to take control of the company’s affairs.

SA Structural sold its Edinburgh facility for $19.5 million in 2019. Photo: The Advetiser.

“The objective is always to trade through and preserve the business as a going concern wherever possible,” Deloitte receiver and manager, Glen Kanevsky, told The Advertiser.

“But having undertaken an urgent review and input from a range of key stakeholders, we have determined that in this case it was unfortunately not viable to recommence operations.”

NAB is understood to be owed around $12 million while close to 200 other creditors, including suppliers, have been left chasing around $3 million.

Meanwhile, staff are owed around $3.6 million in unpaid superannuation, according to administrator Andre Strazdins from BRI Ferrier. He also confirmed super hadn’t been paid for more than 12 months leading up to the company’s collapse.

More than $680,000 in other entitlements are also owed to staff, but are likely to be covered by the Federal Government’s Fair Entitlements Guarantee scheme.

SA Structural was established by Adelaide businessman Michael Mangos in 2003, providing structural steel for mining projects, infrastructure works, shopping centres, schools and hotels.

Source: The Advertiser.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Second year, same spirit: Zeibekiko Festival Australia returns by popular demand

The second Zeibekiko Festival Australia will return with a bang from September 27 this year thanks to Ventouris Productions.

Psihosavato: Remembering loved ones with prayers, prosphora and kolyva

Devout followers of the Greek Orthodox faith will attend a special church service known as ‘Psihosavato’ on Saturday, June 22.

South Australians commemorate Cretan battle with proud cultural display

The Cretan Association of South Australia commemorated the 83rd anniversary of the Battle of Crete with a proud cultural display.

Samian Brotherhood of Sydney acquire new Kingsgrove property for $3.9 million

The Samian Brotherhood of Sydney & New South Wales ‘Lykourgos’ have acquired a dual-level property located at Kingsgrove for $3.9 million.

Modern Greek Studies Association of Australia & NZ to hold 15th Biennial Conference

The Modern Greek Studies Association of Australia and New Zealand will hold their 15th Biennial Conference from December 6 - 7 this year.

You May Also Like

Nick Karagiannis and Heartbeat of Football come together to save lives on the field

Heartbeat of Football's (HoF) call for a vehicle has been answered by Nick Karagiannis from CrashClaim Accident Management.

Greece’s Eva Kaili elected Vice-President of the European Parliament

Greek MEP, Eva Kaili, was elected one of the European Parliament’s (EP) 14 vice-presidents on Tuesday afternoon.

NSW Dept of Health issues myth-busters on coronavirus

“I ask the public to be aware of the facts about the novel coronavirus and take a moment to investigate unverified claims before they share them with others,” Dr Chant said.