Receivers begin ‘wind down’ of Australian Road Express

By: Anjali Behl


All employees to be made redundant as part of the process

Receivers begin ‘wind down’ of Australian Road Express
The move only affects ARX Group entities.

 

Administrators have started a "managed wind down" of the Australian Road Express Group, McGrathNicol tells ATN.

Receivers were appointed last week after the collapse of Australian Road Express Pty Ltd and its subsidiaries including Jolly’s Transport Services and Jetstyle Express – collectively referred to as the ARX Group.

Having received "no going concern offers" since the start of the business appraisal, administrators Rob Kirman, Rob Smith and Anthony Connelly began the "wind down process" of the business late last week.

All employees of the ARX Group entities will be made redundant by the conclusion of the wind down process, McGrathNicol says.

"Since their appointment early last week, the receivers continued to trade the business, engaged with potential purchasers and conducted an appraisal of the business," McGrathNicol states.

"Since their appointment on 17 July 2017, the Receivers have continued to trade the business, engaged with potential purchasers and conducted an appraisal of the business.

"Despite productive discussions with a number of interested parties, no going concern offers were received."

McGrathNicol has thanked all relevant stakeholders for their support and states that "in due course" employees will be allowed to lodge entitlement claims under the legislative safety net scheme.

"In due course, the Receivers and Administrators will assist affected employees to lodge claims in respect of their entitlements under the Fair Entitlements Guarantee scheme (FEG).

"The Receivers would like to thank employees, customers, suppliers, management and other stakeholders for working constructively with them during this difficult time."

Administrators reiterate that the move only affects ARX Group entities and there has been no impact the broader Rivet Group, which includes the Rivet Energy, Rivet Mining Services West and Refuel International businesses.

ATN is awaiting a status update from BRI Ferrier, receivers in administrative control of Rivet Mining Services, following the first creditors’ meeting held yesterday.

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