Victorian-based manufacturer Hallam Manufacturing has been placed into administration after 41 years of operation.
Smartcompany.com.au reports that the company, which manufactured a range of products for industries such as construction and automotive, was placed in administration on January 24.
Stephen Michell and Clyde White from PCI Partners were appointed as administrators.
Michell told SmartCompany the business was placed in administration because of a cash flow shortage and that its failure reflected general market conditions.
He added that most of the creditors are steel companies and trade suppliers; and that unsecured creditors are owed about $1.9 million.
Mitchell said that some of the 70 employees have been stood down without pay and the business’s current trading is limited.