Walter Construction Group
| Company type | Private |
|---|---|
| Industry | Construction, Mining |
| Predecessor | Concrete Constructions Pty Ltd |
| Founded | April 21, 1920 |
| Founder | Allen Lewis |
| Defunct | February 3, 2005 |
| Fate | Liquidation |
| Headquarters | Australia |
| Products | Construction and civil works, Mining services |
| Parent | Walter Bau (from 1999) |
Walter Construction Group Limited, initially established as Concrete Constructions Pty Ltd,[1][2] ranked among Australia's most longstanding construction firms and was the fifth largest in the sector[3] before its downfall in 2005. The company was founded on 21 April 1920 by Allen Lewis,[4][5] and remained independently operated until its acquisition by a German enterprise in 1999, at which point it was renamed Walter Construction Group.[6]
Collapse
Prior to its insolvency, Walter Construction comprised two main sectors: "Construction and Civil" alongside "Mining".[7] While the mining division experienced growth and profitability, the construction division had been generating losses since the year 2000. At the time of its failure, 18 out of 21 active contracts were negatively impacting cash flow.[3] The company was heavily dependent on financial backing from its parent corporation, Walter Bau, which itself was undergoing financial strain. Both entities entered liquidation proceedings on 3 February 2005.[8][9] The insolvency firm KordaMentha was appointed as administrator,[10] overseeing asset liquidation through to 2018.[11] Investigations later confirmed that Walter Construction continued trading despite being insolvent.[12]
In the years leading up to its collapse, John Holland Group had contemplated purchasing Walter Construction; however, negotiations did not come to fruition in 2002.[13]
Noteworthy Developments
- ↑ "TODAY'S LAW LIST". Canberra Times (ACT : 1926 - 1995). 1995-05-22. p. 6. Retrieved 2020-05-11.
- ↑ "Walter buy: Leighton no Wally". The Sydney Morning Herald. 2002-12-18. Retrieved 2020-05-11.
- ↑ 3.0 3.1 "Construction" (PDF). KordaMentha. 2012-08-01.
- ↑ ASIC Connect; ACN 000 008 935
- ↑ Perkins, John, "Allen Charles Lewis (1891–1970)", Australian Dictionary of Biography, National Centre of Biography, Australian National University, retrieved 2020-05-11
- ↑ "CONCRETE CHANGES.(FEATURES)". The Australian (National, Australia): 035. 1999-04-09.
- ↑ "Walter Construction in administration". The Sydney Morning Herald. 2005-02-02. Retrieved 2020-05-11.
- ↑ Frericks, Sebastian (2018-12-28). Downfall of Large German Listed Companies: A Two-Dimensional Analysis of Failure Factors. Springer. p. 49. ISBN 978-3-658-24999-1.
- ↑ "Workers lose millions as builder collapses". The Sydney Morning Herald. 2005-02-03. Retrieved 2020-05-11.
- ↑ ASIC (2018-03-13). "Walter Construction Group Limited (In Liquidation) 008 390 074 | Creditors' Voluntary Liquidation". ASIC. Retrieved 2020-05-11.
- ↑ "Last asset sale for Walter Group". Australian Financial Review. 2005-04-16. Retrieved 2020-05-11.
- ↑ "Walter directors 'knew' it was insolvent". The Sydney Morning Herald. 2005-03-22. Retrieved 2020-05-11.
- ↑ "Walter buy: Leighton no Wally". The Sydney Morning Herald. 2002-12-18. Retrieved 2020-05-11.