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Some employees have registered an interest in taking over one part of the company (the constructions side, which is potentially the most lucrative). The content of the news article in today's paper is misleading. Because of the overly optimistic representations printed in the local media, the ASIC reprimanded CEC recently and threatened legal action, leading to the publication of a preview of the yet to be released end of year financial report including information regarding creditors and the nonpayment of staff benefits . The recent posting on the ASX and in the paper is the view of the director, not the administrators and it is highly likely the whole company will be taken over and bought to a close shortly. Yes, the banks have a great deal to answer for when it comes to irresponsible lending and CEC are proof of that, it's not the first time some key staff have been involved in failed business ventures. Adding to Cairns woes of course is the council who seem to lack the vision and initiative to keep Cairns developing responsibly.
It is a shame that there have been many large Cairns companies who have gone to the wall, but in this case at least, management, poorly researched decisions and irresponsible spending within the company are behind the fall.