28.08.2012

D&G ceases trading

West Australian crane rental company D&G Hoist & Crane has shut its doors after its major shareholder, Singapore based JP Nelson, abandoned any potential rescue attempt.

The administrator, Martin Jones of Ferrier Hodgson, informed staff yesterday of the failure, indicating that the only viable option left was to close and liquidate. The company entered administration earlier this month with debts of $42 million.

Click here to see D&G enters administration

JP Nelson had a 37 percent stake in the company and a director on the board who resigned a week prior to the company going into administration.

An creditors' meeting was held last week, with another scheduled for September 14th the company’s biggest creditors are financial institutions.