Australia's largest luxury yacht builder, Riviera Marine, has gone into receivership.
Workers who turned up at the shipyard at the company's facilities at Coomera, on Queensland's Gold Coast were told to go home on Friday morning (May 9).
According to The Weekend Australian, the company's manufacturing department had been closed for the past four weeks and was due to resume operations last Friday.
The receivers, Deloitte, said that production would resume today.
Deloitte partner Chris Campbell said that Riviera's sales had been impacted by the financial crisis.
"The receivers and managers are looking to preserve the long-term viability of the business, restructure the business and sell it as a going concern," the paper quoted him as saying.
Since 2008, Riviera has cut over 400 staff.
