The long-established local family company, Shearer Contracting Pty Ltd, was placed in voluntary administration last week.
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The decision to place the company in administration may see up to 50 local jobs lost.
Many of these are long-term employees that have worked with the company for three decades.
Rapsey Griffiths Insolvency and Advisory have been appointed administrators of the company.
Partner, Chad Rapsey, says they have commenced an urgent assessment of the financial position and performance of the company including its work in progress.
“We are working with all stakeholders effected and appreciate stakeholders patience and support during this period,” he says.
“Voluntary administration gives a company an opportunity to consider its financial position and its future with the aim is to administer the affairs of the company in a way that results in a better return to creditors.”
The company was developed on the foundation of the pioneering earthmoving firm, W.A Shearer Pty Ltd.
Its founder Wal Shearer established the firm in Singleton during the 1940's to provide earthmoving services to rural and residential land developers.
