All Trades Queensland in shock collapse
APPRENTICE and trainee employer All Trades Queensland has collapsed into administration after a downturn in economic activity due to COVID-19.
All Trades Queensland (ATQ), is Australia's largest commercial employer of apprentices and trainees.
FTI Consulting administrators John Park and Joanne Dunn have taken control of the company as voluntary administrators.
"The director of ATQ has advised that the appointment was made after full consideration of the company's obligations and its duties to ensure it acts in the best interests of employees, creditors and other stakeholders," Mr Park said.
"The Administrators will conduct an independent assessment of the financial position and ongoing viability of ATQ.
Mr Park said the business was continuing.
"The Administrators are mindful that ATQ is a major commercial employer of apprentices and trainees in Australia and plays an important role in developing the careers of many trades people," he said.
"Our aim is to maximise the prospects of the business continuing via a market trade sale or recapitalisation through a Deed of Company Arrangement."
He said early investigations found ATQ had a "solid competitive position" and attractive assets.
"No significant changes to the company's trading operations are anticipated in the immediate term." he said.
"Apprentices and trainees employed by ATQ should continue in their current roles and we will keep people updated as the Administration progresses."
The first creditors' meeting will be held on August 3.
Originally published as All Trades Queensland in shock collapse