The West

Forge placed in liquidation.
Forge placed in liquidation.

Creditors of collapsed contractor Forge Group have agreed to place the company in liquidation.

The move, cleared by a vote of creditors at a meeting in Perth this afternoon, means the company's assets can be sold off, opening the way for creditors to receive a cents-in-the-dollar payment for what they are owed.

The vote also clears the way for former employees to access a Federal Government-funded compensation scheme for at least $15 million in unpaid wages and entitlements.

Forge collapsed in February, under more than $800 million in debt owed to creditors.

Most of the company's 1622 staff lost their jobs, with many owed unpaid wages and entitlements.

The company was brought undone by big cost blowouts and delays on two power stations projects it was building.

Its fate was sealed when financial backer ANZ Bank withdrew its support for the company.

The West Australian

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