Administrators were appointed for ACME Operations Pty Ltd, trading as Ajax Fasteners, on the 1st August.
The company now faces a two-day administrators auction in September, after announcing the closure of its Braeside plant.
ACME Properties Pty Ltd and ACME Equipment Pty Ltd were also voluntarily appointed administrators.
The Australia-based firm appointed joint administrators Craig Shepard and Leanne Chesser of KordaMentha under Section 436A of the Corporations Act 2001, which states a company may appoint an administrator of the company if the Board thinks it is, or will become in the near future, insolvent.
As of yet, the reasons for ACME’s perceived insolvency is unclear.
Exporting globally and home to the only M33 boltmaker in Australia, Ajax offers one of the broadest cold forging capabilities of fastener manufacturers in the country. The firm can trace its heritage back to 1900, when the Acme Bolt Company was established in West Melbourne, Victoria.
The administrators auction will take place between 10-11 September from 10am AEST in Braeside.