Creditors of Pindan and its contracting arm have accepted a $14.3 million deal from its parent company, despite more than 220 getting an average return of less than 0.56 per cent.
UPDATED: Administrators have recommended Pindan Group's creditors accept Oxley's $14.3 million payment offer, but that claimants from its contracting arm reject the move.
Pindan's Singaporean owner has upped its deed of company arrangement proposal to $14.3 million, lodging the third and final offer ahead of the creditors meeting next week.
An eleventh hour move by Pindan's Singaporean owner to almost double its DOCA proposal to $12.3 million will lead to an adjournment of a planned creditors' meeting tomorrow.
Contractors and employees left out of pocket by the collapse of Pindan could face further payment delays, as Oxley Holdings revises its $7.5 million offer amid threats of legal action.
The administrators of embattled construction company Pindan have been granted another extension, while flagging a potential claim against the company's directors for insolvent trading.
Creditors have given administrators the green light to delve into the affairs of embattled construction giant Pindan Group, with an investigation of whether there was any insolvent trading.
The state government has defended its decision to award construction tenders to Pindan, revealing the company passed all financial due diligence checks just six months ago.
Pindan's Singaporean owner wrote a letter to the group last year confirming it would support all Pindan companies to remain solvent until at least October 2021.
The state government is in the process of investigating the fallout from the collapse of construction giant Pindan Group after three group companies were placed in administration.
The directors of Pindan Group have told staff the company had little choice but to appoint external administrators amid revelations of more than $48 million in losses.
Pindan Group's assets could soon be on the market as administrators EY trawl through the remnants of the construction group, with 500 subcontractors expected to be affected.
Former Pindan Group director Nicholas Allingame has launched a multi-million dollar lawsuit against the property giant, as subcontractors walk off their jobs amid rumours about the company's future.
Construction company Pindan Contracting is suing one of its subcontractors for allegedly failing to complete work as part of a $90 million contract it held with Rio Tinto.
One of WA's largest construction groups has avoided a dispute over allegedly defective building work after arguing the work was undertaken by an entity in liquidation.
Construction will start within weeks at Iris Residential's $50 million One Mabel Park boutique apartments complex in Jolimont, with Pindan appointed to carry out the works.
Pindan will undertake property and maintenance services for Yara Australia in the Pilbara for the next five years, under a contract worth $7.5 million.
Singaporean development group Oxley Holdings has moved to full ownership of Pindan for zero cost, after cancelling around $24 million in debt while also disclosing that the local contractor had failed to meet performance targets.
