FSA Services Group an Australian building company collapses owing $10MILLION and leaving over a hundred jobs on the line
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FSA Services Group an Australian building company collapses owing $10MILLION and leaving over a hundred jobs on the line

An Australian construction company has gone bankrupt, owing $10.6 million and threatening over a hundred jobs.

Fire Services Australia (FSA) Group, which provides construction contracting services, went into voluntary administration last Wednesday after 27 years in business.

The company, which has offices in New South Wales, Queensland, Western Australia, and the Australian Capital Territory, was working on a number of projects, supplying electrical needs, mechanical installations, and fire protection.

There are now 123 jobless people across the country, with many employees stunned by the company’s demise.

‘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.’

Taylor’s Insolvency, based in Sydney, has been appointed as the company’s administrator and is looking for a buyer to take over the group.

So far, 264 creditors have been identified, including employees, the Australian Taxation Office, and other contractors, according to Managing Director Josh Taylor.

He stated that the company, which owes $10.6 million, received 60% of its revenue from its operations in Queensland, which were hampered by the March floods.

‘Generally speaking it was Covid and the floods that hit them really hard because they can’t work when its raining and when its flooded,’ he told news.com.au.

Mr Taylor stated that shareholders looked for ways to cut costs and inject more cash to keep the business afloat, but their efforts were futile.

‘The profitless boom is pretty accurate. They were winning a lot of clients but weren’t making a lot of money out of their contracts and costs of deliverables were higher than what was coming in.

‘And we are seeing that throughout a lot of other companies. Insolvency is finally starting to wake up again after having a very sleepy last few years, it started turning about four months ago.’

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