Aussie construction company folds after almost 50 years in business amid record collapses in the industry
Award-winning construction company Novati Constructions has gone into administration after almost 50 years in business.
The family-owned firm, founded by Peter Novati in 1971, appointed administrators from Worrells to control its insolvency this week.
Luisa and Marco Novati served as the company directors but recent ASIC documents now name Marco as its group manager, the Daily Telegraph reported.
ASIC data shows 1,567 construction firms have entered administration since July 2025, following 3,596 building industry collapses from the year prior.
The record number of insolvencies has led to major concerns for the mental health of those in the sector.
TIACS, a blue collar industry counselling service, offered its services to 1,100 people in the last financial year.
Novati Constructions had seemed to be beating the odds having taken on a range of residential and commercial projects across Sydney shortly before its collapse.
Those included a warehouse in south Sydney for IT distributor Dicker Data.
Novati Constructions has entered administration(pictured is Serendipity, 29 boutique apartments built by Novati Constructions in North Sydney)
Two of Novati Constructions’ most recent successes were a luxury apartment complex Point in South Cronulla and the Manly Civic Club.
‘Our Manly Civic Club Project includes the full and complete fit-out including associated services to all club areas,’ a statement on the project said.
‘An exciting new club provides modern facilities, including restaurant and bar, lounge areas and other entertainment facilities for members and their guests.
‘Finished to perfection – applauded interior design team has used a palette of beautiful materials, premium finishes and soft tones to create an air of contemporary yet limitless sophistication that perfectly complements the sublime harbourside setting.’
Novati won an award for excellence in the $10m-$15m category from the Master Builders Association NSW in 2017.
It received the award for its construction of the short-term disability accomodation Sargood on Collaroy in the Northern Beaches.
‘All the facilities are constructed and fitments installed that enable those with spinal cord injuries on the pathway to independence,’ Master Builders said
‘The airconditioning and electrical systems are fully automated and fitments such as tables and benches are adjustable.
‘Novati Constructions have delivered a hospital finished to a high standard both internally and externally.’
Marco Novati (above) is listed as the group manager for Novati Constructions
The first meeting for Novati Constructions’ creditors is scheduled for next Wednesday.
A first meeting of creditors is booked for next Wednesday.
Daily Mail has contacted Novati Constructions and Worrells for comment.
