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KordaMentha Appointed Receivers and Managers to Power Infrastructure Services Pty Ltd

KordaMentha Restructuring partners Scott Langdon, Cliff Rocke and Robert Hutson were appointed as Receivers and Managers to Power Infrastructure Services Pty Ltd on 16 December 2014 (In Liquidation) (‘Powins’ or ‘the Company’).

Insights KordaMentha appointed to Power Infrastructure Services Pty Ltd
Thursday, 18 December 2014
The Receivers and Managers appointment follows the appointment of Provisional Liquidators to the Company on 12 December 2014. The appointment came at the request of the Company’s directors.

Powins was established in 2013 and is an electrical switchgear and service solution group that provides electrical services to the mining and heavy industry sectors. This includes the fit out and installation of electrical switchrooms. The business has offices in Perth and Brisbane with the key management team having significant experience in delivering electrical solutions to the blue chip mining and heavy industry throughout Australia.

The Company is majority owned by HVLV Pty Ltd, which is a wholly owned subsidiary of Viento Group Ltd (ASX:VIE).

The Receivers and Managers advise that it is their intention to trade the Company whilst they assess its financial position and look to develop a plan for the future of the Company in conjunction with the Company’s key suppliers and customers. The Receivers and Managers are looking to minimise the impact of the receivership on the Company’s customers. Scott Langdon advised ‘It is our intention to work with existing management to continue and complete the existing contracts to the high standards set by Powins’.

The Receivers have commenced an immediate sale campaign for the business. Expressions of interests are immediately requested and inquiries should be made to Ben Carruthers from KordaMentha on (08) 9220 9333.