National bus, truck firm collapses with $26 in accounts
AUSTRALIA'S leading supplier of bus and truck spare parts has been put into administration with just $26 in its bank account and debts to creditors reaching almost $1 million.
Whites Diesels Australia collapsed into administration on December 27.
Employees are owed $271,286 while creditors are owed $690,657 according to a report on the supplier's finances.
Whites' head office is in Sydney but the company lists offices at Sandgate, Milton, Biggera Waters Townsville and Kurri Kurri in New South Wales.
The company was founded in the Sandgate workshop in 1991 by Darryl White and grew to become a nationwide operation with seven distribution points around the country.
In 2016 Mr White described the growth of the business from a single-bay workshop to a nation-leading company as a real "rags-to-riches story".
Whites is renowned as the Mercedes Benz specialist, supplying parts for all Benz buses and one of the largest stockist of engine and body parts for trucks.
Mr White is now a non-executive director.
While its debts to creditors total $961,943, Whites Diesels Australia is owed $467,185 by 148 of its customers.
Debtors include many of Queensland 's transport companies including the Gold Coast's Surfside Bus Lines, Townsville Sunbus, Sunshine Coast Sunbus, Stradbroke Island Buses and Wide Bay Transit.
Whites' assets include $1.88 million in inventory, $50,930 in vehicles and $43,500 in other assets.
Just $26 sits in the company's bank accounts, according to the financial report.
Whites Diesels, which celebrated its 25th anniversary in 2016, is now under the control of administrators Andrew Cummins and Peter Krejci.
Mr Cummins hosted the first meeting of creditors on January 9, where he said it was "not viable to continue to trade the business due to insufficient funds".