Large privately-owned transport company is forced to sell off fleets.
Gregorys Transport and its related entity Transport and Asset Management have passed control of some of their fleet assets to an appointed receiver.
Partner of Ferrier Hodgson Brendan Richards has assumed responsibility for the fixed assets of Transport and Asset Management.
The specialist corporate recovery firm says the appointment is isolated only to specific parts of the company, namely “certain fleet assets”.
“My role is to simply ensure the best financial outcome possible for my clients who have been put in a very difficult position,” Richards says.
“I will be looking to locate buyers for the assets as soon as possible and we will be investigating both private placement and auction to achieve a swift outcome.”
Richards is a logistics-area specialist and says the receivership could have been avoided.
“As soon as it becomes evident that a business is in trouble the most important asset is time,” he says.
“Businesses that recognise they are in trouble early and work aggressively to combat their problems can often be saved. When they don’t, failure is the inevitable result.”
The receivership is not the only action facing Gregorys at the moment.
The company will also face a winding up order in the New South Wales Supreme Court on Wednesday. This has been brought about by a creditor entity, the Workers Compensation Nominal Insurer (trading as the NSW WorkCover scheme).
A spokesperson for Forbes Dowling Lawyers in Sydney says the order is unrelated to the receivership.
Transport and Asset Management has also previously faced a winding up hearing of its own. It is understood that action, brought about by Georgiev Transport in the Federal Court of NSW, is continuing.
Gregorys director Greg Westaway did not return calls from ATN today.