Receivers look to offload Allco containers


The receivers of Allco Finance Group are selling 600 utilised refrigerators following the company’s collapse two years ago

By Ruza Zivkusic | October 22, 2010

The receivers of Allco Finance Group are selling 600 utilised refrigerators following the company’s collapse two years ago.

Ernst & Young received the container assets in January. They had been owned by independent companies under Allco.

Receiver Chris Munday says 2,000 unutilised containers had been sold in June, with the remainder left and open for expressions of interest until November 1.

The 40-foot containers are
on lease arrangements throughout Australia, comprising of both casual and short-term agreements.

Leases have been in place for several of years. The average age of the containers is between 10-12 years and they are in good condition, Munday says.

"Container assets were owned by Allco Financial Group and, at the time, the fleet [was] managed by a totally separate independent company, which the bank allowed them to do that," he adds.

"Eventually, the bank decided that [it would] like to see the asset sold. Not everything happened immediately for various reasons; [it] decided to take time before selling the assets."

It is understood the bank in question is the Royal Bank of Scotland.

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