As of 11am that day this worker and 40 others were told they were no longer employed after hearing the company – one of Young’s biggest and longest serving - had gone into liquidation.

This is not the first time the 120-year-old steel fabrication company has faced an uncertain future.

National Engineering was put on the market in November 2011 when former owners EVZ Limited said “it no longer fitted with their investment portfolio”.

EVZ had spent the previous three years trying to reinvigorate the business during poor economic times.

The sale loomed for five months until Canberra businessman and former National Engineering contractor Michael Deeble took over the reins on March 27 last year with support from the NSW Government and Young Shire Council. 

Employees were told on Monday Mr Deeble had declared bankruptcy.

RSM Bird Cameron Partners in Canberra were appointed voluntary administrators and are now overseeing the liquidation.

Administrator Frank Lopilato said the company’s financial position forced them to cease trading and terminate staff.

Mr Lopilato said they are still trying to sort through paperwork to determine when the company started having financial trouble.

“It might have been the last few months. I could say February or March but I would [only be guessing],” he said.

“We haven’t really assessed it properly yet. Investigations are still ongoing.”

The employee said they had an “inkling” something was happening on Monday when they noticed a ute blocking the driveway into the premises in Boorowa Street and all the gates were locked while they were still inside.

“We were called into the tea room. We were told the company ran out of funds and we were no longer employed as of 11am.”

Employees cleaned out their lockers and left via the front door by 11.40am.

The employee said his colleagues voiced “a lot of concern” in the meeting.

“A lot of anger and frustration – they were asking why weren’t they informed earlier [and] why were we told three weeks ago the company was doing well,” he said.

“It’s a bit hard to comprehend that it was just spur of the moment.”

Employees were also under the impression they were expanding their premises.

Mr Lopilato believed the owner and directors were more optimistic and analysed the situation incorrectly when they told staff everything was okay a few weeks ago.

“[The company] was in the middle of a major contract [worth] half a million dollars,” he said.

“I think they resolved that the money would have come in - that would have been a good result for them.

“The information probably wasn’t there when they said that.”

Employees have been told they can claim their unpaid wages, redundancy pay, payment in lieu of notice, and annual and long service leave entitlements through the Commonwealth Government’s Fair Entitlement Guarantee (FEG) scheme.

The employee, who started applying for jobs that afternoon, said he was very overwhelmed with stress.

“I’ve now got to go and find another job; it’s me versus 32 others with more experience than I have.”

Young Shire Council’s general manager Peter Vlatko said the news was disappointing for the people involved but asked the town to remain positive.

He said the company might not be shutting down but that someone might be able to buy it.

“That’s the hope,” he said, “we hope someone will buy it because of its capacity and experience to date.

“It’s not that they’ve run out of work but that they’ve run out of money.”

Mr Vlatko said he hopes the good reputation National Engineering holds will be enough for someone to come in and run with the company’s contracts.

“[If not] we’re back to square one.

“The issue is it’s a viable business… They’ve done some big things – significant projects around Australia [which] clearly shows their good reputation.”

Federal Member for Hume Angus Taylor said the situation was a terrible outcome for the 30 or so workers affected. 

“I will be pursuing the administrator as to why this has happened and what options are left for the employees.”

National Engineering started out as a blacksmith business in 1890, working up to become a notable steel manufacturer for prestigious projects such as the Sydney Olympic Stadium.