Australian company, Pacific HVAC Engineering, has gone into voluntary administration with McGrathNicol taking control of the company's assets.
The company will continue trading while McGrathNicol undertakes an urgent assessment to determine the best course of action to preserve the business.
Wages and entitlements are currently being paid by the administrators, however, there may not be funds to meet pre-appointment claims.
“There may be other high ranking or secured creditor payment priorities,” the administrator said in a circular to employees. “As soon as the position of prior-ranking claims has been clarified and Pacific HVAC's asset position determined you will be advised further.”
McGrathNicol were appointed administrators on July 26, 2019.
Pacific HVAC is an Australian owned and operated business founded in 1999 with a presence in Australia, New Zealand, Malaysia and Sri Lanka.
The company has been a leading provider of fans, chillers, air handling units and other HVAC equipment for more than 20 years.
Pacific HVAC Engineering was unavailable to comment.