Mid-sized trucking company MJO Enterprises is in liquidation with debts of some $2.2 million. The liquidator, Ken Whittingham of PKF
Mid-sized trucking company MJO Enterprises is in liquidation with debts of some $2.2 million.
The liquidator, Ken Whittingham of PKF Chartered Accountants, says the company had expanded rapidly, forcing it to increase its fleet. At the same time, however, bad debts and unprofitable runs had reduced cash flow to a point where it had been unable to meet its leasing commitments.
Whittingham is advising unsecured trade creditors it is unlikely he will be able to pay a dividend.
Secured creditors, including companies which have provided leasing facilities to MJO, will also face a shortfall.
MJO operated about a dozen trucks from premises in Sydney.