Industrial supply company Ozcon Industries has been placed in voluntary liquidation after letting go of its workers last week.
The company – which supplies steel pipe engineering services, perforating processing, and welding services to the mining, manufacturing, and agricultural industries – went into voluntary liquidation at the request of its directors and shareholders.
It closed four of its sites in Dalby, Miles and Moomba in Queensland.
Chris Powell and Stephen Duncan of DuncanPowell have been appointed as joint liquidators.
At the time of liquidation, the company had 81 workers, and previously employed up to 135 workers its Dalby operations.
Ozcon director Kieran Chiverton said the company incurred significant losses on a number of welding projects and also suffered from the drilling industry downturn across Australia’s energy sector.
In the June 2016 financial year, the company’s annual turnover was approximately $17 million.
Before deciding to appoint the joint liquidators, Powell said Chiverton had been negotiating the sale of the business.
“These negotiations will be pursued while at the same time the business will be widely offered for sale,” Powell said.
The Queensland Government provided support services to assist the workers following the closure, through Centrelink and TAFE career counsellors.