Walter Construction Group
 | |
| Industry | Construction |
|---|---|
| Founded | April 21, 1920 in Sydney, Australia[1] |
| Founder | Allen Charles Lewis |
| Defunct | March 13, 2018 |
| Fate | Bankruptcy |
Area served | Australia |
Number of employees | 1000 (2005) |
| Parent | Walter Bau |
| Website | walter |
Walter Construction Group Limited, known for most of it's life as Concrete Constructions Pty Ltd,[2][3] was on of Australia's oldest and largest construction companies prior to the 2005 collapse of it's German parent company, Walter Bau. It was subsequently placed into administration by KordaMentha,[4] who proceeded to liquidate the remaining assets of the company by 2018.[5][6] The company was founded on 21 April 1920 by Allan Charles Lewis.[7][8]
Walter Construction was responsible for some of Australia's most iconic buildings, such as New Parliament House[9][10] and the John Gorton Building.[11]
Collapse
Before it's collapse, Walter Construction had two divisions: "Construction and Civil", and "Mining".[12] While the mining division was profitable and expanding, the construction division had been losing money since 2000. By the company's collapse, 18 of it's 21 contracts were cashflow negative.[13] The company heavily relied on Walter Bau for financial support,[14] however it was also experiencing financial difficulties and both companies were placed into liquidation on 3 February 2005.[15][16] Upon announcement, fears that Walter Construction would become another high profile collapse like Ansett or HIH were raised, especially when Ansett's administrator, KordaMentha, was appointed.[17] It was also revealed that Walter Construction had traded while insolvent.[18][19]
Prior to the collapse, John Holland had a bid to acquire Walter Construction, however the deal fell through.[20]
References
- ^ "Allen C. Lewis | Monument Australia". monumentaustralia.org.au. Retrieved 11 May 2020.
- ^ "TODAY'S LAW LIST". Canberra Times (ACT : 1926 - 1995). 22 May 1995. p. 6. Retrieved 11 May 2020.
- ^ "Walter buy: Leighton no Wally". The Sydney Morning Herald. 18 December 2002. Retrieved 11 May 2020.
- ^ ASIC (13 March 2018). "Walter Construction Group Limited (In Liquidation) 008 390 074 | Creditors' Voluntary Liquidation". ASIC. Retrieved 11 May 2020.
{{cite web}}: CS1 maint: url-status (link) - ^ "Last asset sale for Walter Group". Australian Financial Review. 16 April 2005. Retrieved 11 May 2020.
- ^ ASIC Connect; ACN 008390074
- ^ ASIC Connect; ACN 000 008 935
- ^ Perkins, John, "Lewis, Allen Charles (1891–1970)", Australian Dictionary of Biography, National Centre of Biography, Australian National University, retrieved 11 May 2020
- ^ "25 YEARS ON: CALLING ON PARLIAMENT HOUSE CONSTRUCTORS | Indesignlive". Indesignlive | Daily Connection to Australian Architecture and Design. 6 May 2013. Retrieved 11 May 2020.
- ^ "Who was chosen to build Australia's largest Building?" (PDF). The House Magazine. Vol. 7, no. 12. 9 May 1988. Retrieved 11 May 2020.
- ^ "BUILDING ESTIMATED TO COST £2 MILLION". Canberra Times (ACT : 1926 - 1995). 18 January 1950. p. 1. Retrieved 10 May 2020.
- ^ "Walter Construction in administration". The Sydney Morning Herald. 2 February 2005. Retrieved 11 May 2020.
- ^ "Construction" (PDF). KordaMentha. 1 August 2012.
{{cite web}}: CS1 maint: url-status (link) - ^ "Walter directors 'knew parent was bankrupt'". The Age. 22 March 2005. Retrieved 11 May 2020.
- ^ Frericks, Sebastian (28 December 2018). 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. 3 February 2005. Retrieved 11 May 2020.
- ^ "Workers lose millions as builder collapses". The Sydney Morning Herald. 3 February 2005. Retrieved 11 May 2020.
- ^ "Walter directors 'knew' it was insolvent". The Sydney Morning Herald. 22 March 2005. Retrieved 11 May 2020.
- ^ "AM - Walter Construction Group collapses". www.abc.net.au. Retrieved 11 May 2020.
- ^ "Walter buy: Leighton no Wally". The Sydney Morning Herald. 18 December 2002. Retrieved 11 May 2020.