“Answers to RCR Tomlinson collapse will be ready in a week
MARCH 12, 2019
RCR Tomlinson's creditors will find out next Monday why the engineering group collapsed suddenly, when its administrators release the results of their investigation into the company's demise.
Administrators McGrathNicol have done their own investigation into what caused the company to file for administration on November 21, just three months after it raised $100 million from investors. Their report will be released a week before RCR's second creditors' meeting on March 26.
The Australian Securities and Investments Commission is also investigating the company. RCR's former board, which was chaired by Rod Brown, has declined to comment on the collapse, which has left the company owing creditors about $600 million.
The company's largest shareholder was Perpetual, with almost 14 per cent, followed by the Pendal Group with 9 per cent and Allan Gray with 7.8 per cent.
Litigation firm Quinn Emanuel Urquhart & Sullivan has already what caused the company to file for administration on November 21, just three months after it raised $100 million from investors. Their report will be released a week before RCR's second creditors' meeting on March 26.
The Australian Securities and Investments Commission is also investigating the company. RCR's former board, which was chaired by Rod Brown, has declined to comment on the collapse, which has left the company owing creditors about $600 million.
The company's largest shareholder was Perpetual, with almost 14 per cent, followed by the Pendal Group with 9 per cent and Allan Gray with 7.8 per cent.
Litigation firm Quinn Emanuel Urquhart & Sullivan has already filed class action proceedings in the NSW Supreme Court alleging RCR breached continuous disclosure laws because its senior management team either was aware or should have been aware of its problems linked to solar farm projects before announcing them to the market at the end of August.”
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