East coast windows and doors supplier McEwans has fallen into the hands of liquidators, it has been reported.
According to the Sunshine Coast Daily, the Noosaville-based firm went under owing creditors and employees approximately AUD$1.7 million.
In a bid to raise capital, liquidators could potentially use an Ansarada secure virtual data room to sell business assets in an online setting.
Ray Tolcher, a spokesman for Newcastle-based liquidation group Lawler Partners, told Sunshine Coast Daily that it was yet unclear whether creditors would receive what they were owed.
He said: "That will depend on the legal action available to the liquidator and whether the business can be sold in one line."
Mr Tolcher added if the company could not find a buyer by the end of the month, it would organise for the plant and its equipment to be auctioned off.
Statistics published by insolvency practitioners SV Partners earlier this year revealed that business failures in Western Australia surged by more than 100 per cent in the last quarter of 2008, the Australian Associated Press reported.
