Walter Construction Group Limited, known for most of its life as Concrete Constructions Pty Ltd,[1][2] was one of Australia's oldest and fifth largest construction company[3] prior to its 2005 collapse. The company was founded on 21 April 1920 by Allen Lewis.[4][5] It remained independent until 1999, when the company was bought by the German Walter Bau and rebranded as Walter Construction Group.[6]
The company's logo prior to its rebranding as Walter Construction Group
Collapseedit
Before its collapse, Walter Construction had two divisions: "Construction and Civil", and "Mining".[7] While the mining division was profitable and expanding, the construction division had been losing money since 2000. By the company's collapse, 18 of its 21 contracts were cashflow negative.[3] During this period the company heavily relied on its parent company for financial support,[8] however Walter Bau was also experiencing financial difficulties and both companies were placed into liquidation on 3 February 2005.[9][10]KordaMentha was appointed the administrator,[11] and proceeded to liquidate the remaining assets of the company by 2018.[12][13][14] During their investigation, it was also revealed that Walter Construction had traded while insolvent.[15][16]
Prior to the collapse, John Holland had a bid to acquire Walter Construction, however the deal fell through in 2002.[17]
^Perkins, John, "Allen Charles Lewis (1891–1970)", Australian Dictionary of Biography, National Centre of Biography, Australian National University, retrieved 11 May 2020
^"CONCRETE CHANGES.(FEATURES)". The Australian (National, Australia): 035. 9 April 1999.
^"Walter Construction in administration". The Sydney Morning Herald. 2 February 2005. Retrieved 11 May 2020.
^"Walter directors 'knew parent was bankrupt'". The Age. 22 March 2005. Retrieved 11 May 2020.
^Frericks, Sebastian (28 December 2018). Downfall of Large German Listed Companies: A Two-Dimensional Analysis of Failure Factors. Springer. p. 49. ISBN978-3-658-24999-1.
^"Workers lose millions as builder collapses". The Sydney Morning Herald. 3 February 2005. Retrieved 11 May 2020.
^ASIC (13 March 2018). "Walter Construction Group Limited (In Liquidation) 008 390 074 | Creditors' Voluntary Liquidation". ASIC. Retrieved 11 May 2020.
^"Last asset sale for Walter Group". Australian Financial Review. 16 April 2005. Retrieved 11 May 2020.
^"Workers lose millions as builder collapses". The Sydney Morning Herald. 3 February 2005. Retrieved 11 May 2020.
^"Walter directors 'knew' it was insolvent". The Sydney Morning Herald. 22 March 2005. Retrieved 11 May 2020.
^"AM - Walter Construction Group collapses". www.abc.net.au. Retrieved 11 May 2020.
^"Walter buy: Leighton no Wally". The Sydney Morning Herald. 18 December 2002. Retrieved 11 May 2020.
^"BUILDING ESTIMATED TO COST £2 MILLION". Canberra Times (ACT : 1926 - 1995). 18 January 1950. p. 1. Retrieved 10 May 2020.
^"Tower Canberra's most prominent landmark". Canberra Times (ACT : 1926 - 1995). 28 December 1979. p. 7. Retrieved 11 May 2020.
^"Telstra Tower". www.telstratower.com.au. Retrieved 11 May 2020.
^"25 YEARS ON: CALLING ON PARLIAMENT HOUSE CONSTRUCTORS | Indesignlive". Indesignlive | Daily Connection to Australian Architecture and Design. 6 May 2013. Retrieved 11 May 2020.
^"Who was chosen to build Australia's largest Building?" (PDF). The House Magazine. Vol. 7, no. 12. 9 May 1988. Retrieved 11 May 2020.
walter, construction, group, limited, known, most, life, concrete, constructions, australia, oldest, fifth, largest, construction, company, prior, 2005, collapse, company, founded, april, 1920, allen, lewis, remained, independent, until, 1999, when, company, b. Walter Construction Group Limited known for most of its life as Concrete Constructions Pty Ltd 1 2 was one of Australia s oldest and fifth largest construction company 3 prior to its 2005 collapse The company was founded on 21 April 1920 by Allen Lewis 4 5 It remained independent until 1999 when the company was bought by the German Walter Bau and rebranded as Walter Construction Group 6 Walter Construction Group LimitedFormerlyConcrete ConstructionsCompany typePrivately held companyIndustryConstructionFounded21 April 1920FounderAllen LewisDefunct2005FateBankruptcyHeadquartersSydney AustraliaArea servedAustraliaRevenue 500 million 2005 Number of employees1 000 2005 ParentWalter BauWebsitewww walter net auThe company s logo prior to its rebranding as Walter Construction GroupCollapse editBefore its collapse Walter Construction had two divisions Construction and Civil and Mining 7 While the mining division was profitable and expanding the construction division had been losing money since 2000 By the company s collapse 18 of its 21 contracts were cashflow negative 3 During this period the company heavily relied on its parent company for financial support 8 however Walter Bau was also experiencing financial difficulties and both companies were placed into liquidation on 3 February 2005 9 10 KordaMentha was appointed the administrator 11 and proceeded to liquidate the remaining assets of the company by 2018 12 13 14 During their investigation it was also revealed that Walter Construction had traded while insolvent 15 16 Prior to the collapse John Holland had a bid to acquire Walter Construction however the deal fell through in 2002 17 Notable projects editJohn Gorton Building 18 Black Mountain Tower 19 20 Parliament House Canberra 21 22 Grosvenor Place Sydney 23 References edit TODAY S LAW LIST Canberra Times ACT 1926 1995 22 May 1995 p 6 Retrieved 11 May 2020 Walter buy Leighton no Wally The Sydney Morning Herald 18 December 2002 Retrieved 11 May 2020 a b Construction PDF KordaMentha 1 August 2012 ASIC Connect ACN 000 008 935 Perkins John Allen Charles Lewis 1891 1970 Australian Dictionary of Biography National Centre of Biography Australian National University retrieved 11 May 2020 CONCRETE CHANGES FEATURES The Australian National Australia 035 9 April 1999 Walter Construction in administration The Sydney Morning Herald 2 February 2005 Retrieved 11 May 2020 Walter directors knew parent was bankrupt The Age 22 March 2005 Retrieved 11 May 2020 Frericks Sebastian 28 December 2018 Downfall of Large German Listed Companies A Two Dimensional Analysis of Failure Factors Springer p 49 ISBN 978 3 658 24999 1 Workers lose millions as builder collapses The Sydney Morning Herald 3 February 2005 Retrieved 11 May 2020 ASIC 13 March 2018 Walter Construction Group Limited In Liquidation 008 390 074 Creditors Voluntary Liquidation ASIC Retrieved 11 May 2020 Last asset sale for Walter Group Australian Financial Review 16 April 2005 Retrieved 11 May 2020 ASIC Connect ACN 008390074 Workers lose millions as builder collapses The Sydney Morning Herald 3 February 2005 Retrieved 11 May 2020 Walter directors knew it was insolvent The Sydney Morning Herald 22 March 2005 Retrieved 11 May 2020 AM Walter Construction Group collapses www abc net au Retrieved 11 May 2020 Walter buy Leighton no Wally The Sydney Morning Herald 18 December 2002 Retrieved 11 May 2020 BUILDING ESTIMATED TO COST 2 MILLION Canberra Times ACT 1926 1995 18 January 1950 p 1 Retrieved 10 May 2020 Tower Canberra s most prominent landmark Canberra Times ACT 1926 1995 28 December 1979 p 7 Retrieved 11 May 2020 Telstra Tower www telstratower com au Retrieved 11 May 2020 25 YEARS ON CALLING ON PARLIAMENT HOUSE CONSTRUCTORS Indesignlive Indesignlive Daily Connection to Australian Architecture and Design 6 May 2013 Retrieved 11 May 2020 Who was chosen to build Australia s largest Building PDF The House Magazine Vol 7 no 12 9 May 1988 Retrieved 11 May 2020 Grosvenor Place Sydney Architecture Retrieved from https en wikipedia org w index php title Walter Construction Group amp oldid 1180385963, wikipedia, wiki, book, books, library,
