Rork Projects - Case Update

Rork Projects had about 63 active construction projects across the country when they entered voluntary administration last month, according to a report from administrators Anthony Connelly, Jamie Harris and Mark Holland of McGrathNicol.

The voluntary administrators note that, in addition to the reasons cited by the companies’ director, various other factors contributed to the group’s failure. These included an active decision by the company to retain a high overhead cost base based on a strong pipeline of work despite sustained losses, as well as more advanced financial assessments undertaken by project counterparties leading to the Rork Group losing tenders due to their failure to meet satisfactory financial due diligence.

The administrators have also revealed that the companies likely have over $30 million in debts, including over $15 million owed to unsecured creditors including subcontractors and suppliers.

Read the administrators’ report HERE.