Solution-Fixed price contracts for building houses

Fixed price contracts for building houses

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Reference no: EM133247401

Question

In 2021 a number of events occurred:

A combination of labour shortages, material shortages, rising interest rates and material costs as well as fixed price contracts for buildinghouses has meant that many construction companies have run out of cash.

The directors of Willoughby Constructions Pty Ltd are facing this dilemma. There is insufficient cash flow to meet the company's weekly payments to staff and creditors.

REQUIRED:

Advise the directors as to whether they should appoint an administrator, and the consequences of this. Advise whether there are any other options open to an insolventcompany.
If they continue to trade on will they breach s588G or do they have a defence?

Reference no: EM133247401

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Fixed price contracts for building houses

Reference no: EM133247401

Reference no: EM133247401

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