Extent of trucking business collapse revealed by liquidator
A TOOWOOMBA refrigerated transport company has collapsed owing approximately $1 million, according to the liquidator.
Yabba Refrigerated Transport Pty Ltd operated from 225 Russell St, Newtown, according to documents filed with the Australian Securities and Investments Commission.
ASIC records show the company was registered on January 30, 2019, with John Joseph Hefferan as director.
WTC Advisory's Andrew Weatherley was appointed liquidator of the company on January 22.
Mr Weatherley said he had begun preliminary investigations into the company's affairs.
"At this point I can advise there are circa 43 unsecured creditors including employees who are owed approximately $450-$500,000," he said.
"The secured creditor is owed approximately $600,000 although that will decrease significantly once they realise the assets subject to their security.
"The plant and equipment and vehicles were all rented or financed and have been returned to those parties."
Mr Weatherley said his next next steps were to work through the employee entitlements to allow the former employees to access the FEG scheme, and to realise the available assets including assisting the secured creditor.
"I will then continue my investigations into the company affairs, reasons for failure and whether there are any voidable transactions to pursue."