Riviera, Australia's largest luxury boatbuilder, is in voluntary receivership.
"The purpose of the receivership is to continue trading and to restructure the business in order to survive the current economic climate, while continuing to provide a high quality Australian product," the company said in a statement.
Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard Hughes were appointed as receivers and managers of the company.
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.
"This process may take some time," Campbell said in a statement. "Our first task will be to review the financial position of the company to evaluate the best possible outcome for creditors and other stakeholders with interests in the business.
"Our key focus is to ensure the continued trading and preservation of employee jobs, as well as to derive and implement a restructuring plan. This will allow us to continue to care for the needs of the strong customer base," he added.
Founded in 1980, Riviera operates a state-of-the-art boatbuilding facility in Coomera in Queensland. The company exports approximately 50 percent of its annual production to a dealer network that includes more than 30 countries, including the United States.
Riviera builds open and closed flybridge boats, offshore express models and sport yachts from 33 to 70 feet.