Written on the 17 April 2009
HMP Constructions has filed to Deloitte for voluntary administration, with recommendations likely to be given by early May.
HMP has $150 million worth of debt to around 190 creditors and Deloitte partner Nicholas Harwood says Deloitte will investigate ways to preserve jobs for the company’s 500 employees.
“The voluntary administrators will be closely investigating ways to preserve the jobs of employees,” says Harwood.
“The first aim of the voluntary administrators will be to assess the circumstances of the business and explore the options available.”
HMP filed for voluntary administration on April 1 and the first creditors meeting took place on April 14. Deloitte has indicated 20 business days are typically needed before findings and recommendations can be presented at the second creditors meeting.