Two receivers and a liquidator, but managing director says Crane Trucks R Us will survive
Construction equipment hirer Crane Trucks R Us has not yet entered a formal administration arrangement, but is working with at least two receivers.
A related company has also been forcibly wound up, with court-appointed liquidators now working through the books and assets.
Still, managing director Fred Mohammed remains confident the core business will trade profitably again.
Partner with Pearce and Heers insolvency accountants Michael Dullaway confirms he has been appointed to wind up Hypoct, a company involved in the running of both Crane Trucks R Us and sister company TranzHire R Us.
Mohammed is named as a director and shareholder of all three entities.
Dullaway’s appointment was made by the Supreme Court of Queensland after creditor John Shephard Trailers applied to have the company wound up.
The appointment was made on August 28.
Receivers were already active in the better-known companies by that stage.
Brendan Richards of Ferrier Hodgsons ays he was appointed as a fixed asset receiver to Crane Trucks R Us on August 23.
His client, GE Money, sought the return of around 50 individual assets, all of which have now been repossessed.
Hall and Chadwick’s Blair Pleash has also confirmed his appointment as a receiver to Crane Trucks R Us.
He is looking to secure incoming payments associated with an invoice discounting arrangement the company had been involved with to improve cash flows.
Mohammed says the receiverships are a process that Crane Trucks R Us has to go through, but is adamant the underlying business is sound.
“We’ll be doing things differently,” he admits, adding that one of its contracted partners had failed to provide the work and payments it had promised.
“We’ll be pursuing the guys who put us in this position.”