Home builder Procorp in trouble
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Another NSW construction company has been hit by the property downturn, with regional home builder Procop entering administration.
The appointment of administrators puts more than 50 jobs in doubt, while Procorp was currently building 90 homes and had another 50 in the planning phase.
Administrators Hall Chadwick Chartered Accountants will be conducting an urgent assessment of the business, it said on Wednesday.
Efforts have already been made to seek assistance from other builders to complete work that was underway.
The administrators will work to convene meetings for Procorp's 900 creditors, and more details about the company's future are expected in the coming weeks.
Procorp's troubles are the latest in a string of collapses in the NSW building industry, with Kell and Rigby and Reed Construction also currently in administration.