The financial administrators of Canberra-based construction company Hewatt Earthworks are unsure how much money the company owes creditors, despite holding their first meeting with creditors on Tuesday.
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PPB Advisory director Alan Walker said the full extent of money owed would be known once all creditors had submitted their claims in accordance with section 439A of the Corporations Act 2001. This would then be divulged to creditors before their second meeting on June 13.
Tuesday's meeting at the National Convention Centre was held to provide background information on the appointment of PPB Advisory and to determine the future of any administrative arrangements.
Mr Walker said the creditors voted to establish a committee of 11 members, comprised of Hewatt creditors and former employers, to assist the financial handling of Hewatt Earthworks.
The creditors also passed a resolution to retain PPB Advisory as the official administrator of the company, with no alternative options presented during the meeting.
Mr Walker said the administrators would work with stakeholders in the coming months and had already reached an agreement with the ACT government regarding outstanding work.
''We’ve reached agreement to complete the works at Horse Park Drive, and work will commence in the next few days,'' he said.
''The administrators will continue that work as agents of Hewatt Earthworks. The workers themselves will be a mixture of former Hewatt workers and subcontractors.''
The creditors' meeting also detailed early dealings between PPB Advisory and Geoff Hewatt, the owner of Hewatt Earthworks.
Administration documents say Mr Hewatt met PPB Advisory chairman Stephen Parbery and practice leader Marcus Ayres on April 8, one month before the construction company entered voluntary administration on May 8.
At this meeting, Mr Parbery and Mr Ayres communicated the need to resolve Hewatt Earthwork's position with Fulton Hogan, the project manager of the $288 million Majura Parkway project, as it compromised the company's ability to continue trading.
Hewatt Earthworks has work outstanding at Majura Parkway, Boco Rock Wind Farm, HMAS Albatross base near Nowra, Horse Park Drive, and Orange Airport, and it was called back to repair works at Merimbula Airport.
