Insurance Technology Industry News
[November 14, 2012]
Building slump claims another victim
Nov 14, 2012 (The Australian Financial Review - ABIX via COMTEX) -- A New South Wales-based construction company has been placed in administration. The collapse of the Procorp Group of Companies is a further blow to the construction industry. According to the Australian Securities & Investments Commission, the construction industry has reported the largest number of insolvencies during 2012. The failure of several large building companies is thought to have contributed to the failure of smaller groups. The tightening of banks' lending policies is also thought to be playing a major role in the trend.
Publication Date: 15 November 2012 THE PROCORP GROUP PTY LTD HOLMWOOD PTY LTD HALL CHADWICK AUSTRALIA PTY LTD AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION QBE INSURANCE GROUP LIMITED - ASX QBE ST HILLIERS CONSTRUCTION PTY LTD REED CONSTRUCTIONS PTY LTD HASTIE GROUP LIMITED - ASX HST KELL AND RIGBY PTY LTD BIS SHRAPNEL PTY LTD RECOUP CONTRACTOR DEBT RECOVERY NATIONAL ELECTRICAL AND COMMUNICATIONS ASSOCIATION CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA SOUTHERN CROSS CONSTRUCTIONS MASTER BUILDERS AUSTRALIA INCORPORATED RESERVE BANK OF AUSTRALIA
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