FAIRVIEW ARCHITECTURAL ADDRESSES COMPANY CHALLENGES
Following a series of company and industry challenges – which includes COVID19 – Fairview Architectural Pty Ltd has initiated a voluntary administration of its business.
The firm has recently spent almost $1.5million defending a class action claim brought against it and the cost of continual legal defence threatened the company in the long-term.
While Fairview Architectural Pty Ltd believes there was no legal liability on it, the firm has engaged good faith settlement negotiations.
Facing such cumulative pressures, the Directors have made the tough decision to place Fairview Architectural Pty Ltd into voluntary administration and its Directors will work very closely with expert administrators, Grant Thornton. If the process goes as intended, it is hoped that Fairview’s business will continue to survive, that the 52 employees of Fairview will retain their jobs and a resolution that is in the interests of stakeholders can be secured.
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