Three companies go bust within 24 hours as dire warnings grow about Aussie businesses

Three Australian companies have collapsed within 24 hours amid a chilling warning that a wave of insolvencies across the country could be worse than during the global financial crisis of 2008.

Transport company Rivet Mining Services, as well as two property companies run by Jean Nassif, have gone into administration. 

Rivet Mining Services, headed by former Toll boss Mark Rowsthorn, was hit by extreme weather events, project delays, labour shortages and rising costs leading to its insolvency. 

Chris Hill, Vaughan Strawbridge and Hayden White from FTI Consulting have been made receivers and managers of the business, which provides bulk haulage and ancillary onsite services to mining companies in Western Australia.

The action only relates to the mining services business and not the wider Rivet Group.

© Provided by Daily Mail Rivet Mining Services, headed by former Toll boss Mark Rowsthorn (pictured), was hit by extreme weather events, project delays, labour shortages and rising costs leading to its insolvency

'RMS is the only trading entity subject to the appointment of voluntary administrators and none of the other businesses of the Rivet Group are impacted,' FTI said.

The mining business was 'deeply affected' by multiple adverse economic factors including bad weather, project issues, trouble finding workers and cost pressures.

'The other group businesses will continue to trade in their usual manner and have the ongoing support of their senior secured lender to ensure that customers, suppliers and employees are not adversely impacted,' FTI said.

Mr Hill, Mr Strawbridge and Mr White have also been appointed as receivers of Blondie Trading, the parent company of Rivet Group.

'The purpose of the appointment to Blondie was to take control of the group at a holding company level and ensure it was not adversely impacted by the mining business's insolvency,' FTI said.

It comes after Scott's Refrigerated Logistics – which trucks for supermarkets including Coles – went into administration at the start of March with 1,500 jobs lost.

© Provided by Daily Mail Elsewhere, embattled Sydney property developer Jean Nassif (pictured) has seen his companies go into administration

Some 1,200 of its 1,500 staff have already been made redundant while the company owes more than $100million to its creditors.

The Sydney-based company is seeking to exit its costly leases on all of its 24 warehouses, meaning its 114,000 pallets of frozen food must be relocated.

Fears have been raised the food could go to waste, leading to supply shortages across Woolworths, Coles, Aldi, IGA and Foodbank Australia.

Elsewhere, embattled Sydney property developer Jean Nassif has seen his companies go into administration.   

Insolvency firm KordaMentha will be the receiver.

© Provided by Daily Mail More than half a billion dollars worth of frozen goods could go to waste after a trucking company that supplied all the major supermarkets went into liquidation

Mr Nassif is responsible for some of Sydney's skyscrapers, including the Skyview apartment complex in the city's Castle Hill suburb. 

Tenants at the swanky building were barred from moving into the 900-unit block when signs of crackling were found in the building's basement. 

'The Castle Hill project is partially completed, with two of its residential towers occupied and three towers still under construction,' KordaMentha told news.com.au.

'The receivers advised work will cease at Castle Hill, while the site is secured, to ensure it is safe.

'They will work with creditors and stakeholders to determine a strategy to enable construction of the remaining three towers as expeditiously as possible.'

Lawyer Scott Taylor added the insolvencies may just be the 'tip of the iceberg'.

'When you start seeing global banks getting anxious, being sold off or collapsing, it's a clear indication of wider uncertainty, with more to come.'