An Australian company that works with the building industry has collapsed owing $10.6million and leaving more than a hundred jobs on the line.
Fire Services Australia (FSA) Group, which offers contracting services to construction projects, entered voluntary administration last Wednesday after operating for 27 years.
The business, Lapak Satria which has offices in NSW, QLD, WA, and the ACT, was contracted on a number of live projects, working in fire safety, electrical maintenance and mechanical services.
The firm is one of many which have folded in recent years under the strain of huge financial loses, with many struggling to get staff since the pandemic and facing problems sourcing materials due to a worldwide shortage.
With the latest collapse, 123 workers across the country have been left without jobs, many of whom are reeling in shock over the company’s demise.
Building contractor FSA Services Group has collapsed after operating for 27 years
‘A sad day for all at FSA. Last Wednesday was a day not too many saw coming,’ QLD FSA Services Projects Supervisor Curtis Lindsay wrote online.
‘Of all the companies I have worked for this one really felt like home. From the people on the ground to the office staff, everyone had time for one another.
‘Thanks for the opportunity to work with so many likeminded people.’
Sydney-based firm Taylor’s Insolvency has been appointed as the company’s administrator and is seeking a buyer to take over the group.
Managing Director Josh Taylor said 264 creditors have been identified so far, which include employees, the Australian Taxation Office and other contractors.
He said the company – which owes $10.6million – gained 60 per cent of its revenue from its operations in QLD, which were crippled by the floods in March.
The company supplied a number of services, including electrical needs, mechan