Clough announced today it was being placed into voluntary administration.
The Perth-based engineering group has been involved in numerous large-scale infrastructure projects around the country, including hydropower, energy, transport and mining.
How the $6 billion Snowy 2.0 hydropower project, which Clough was contracted to complete work, will be affected is so far uncertain.
A potential joint venture with Italian contractor Webuild fell over, sounding the death knell for Clough.
Deloitte have been named as administrators, effective immediately, and they are now responsible for the company's affairs.
"The recently announced sale purchase agreement between Murray & Roberts and Webuild for the acquisition of Clough, has been terminated by mutual agreement between the parties," the company said in a statement today.
"In the absence of the sale proceeding, the board of directors of Clough have decided to place Clough and its Australian subsidiaries into voluntary administration in order to conduct a restructure of the business."
The jobs where staff work more hours than the rest of the country
Deloitte will explore options for the restructure and recapitalisation of the company, the statement said.
The process provides for the possibility of compromise with creditors, it said.
Companies have battled rising cost of materials and severe labour shortages.
Many projects negotiated before the pandemic are now no longer viable.
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2022-12-06 00:45:46Z
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