Receivers bank on good return from Mannway assets

By: Brad Gardner

The firm responsible for selling Mannway's assets confident of recouping money from the failed operator

The firm responsible for selling Mannway’s assets are confident they will recoup money from the bones of the failed carrier.

With Grays Online holding the first auction of some of Mannway’s assets from January 21 to February 3, Brendan Richards from Ferrier Hodgson says the signs are good.

"The indications are the market has improved significantly the last couple of months," Richards says.

Auctions are due to be held over at least two months, with the location dependent on where the assets are housed.

Richards says Ferrier Hodgson is not responsible for all of Mannway’s assets, which include 600 vehicles, 10 warehouses and 100,000 square metres of customer storage.

He says some of the assets belong to Daimler, which has taken them back and will decide what to do with them.

Once the assets have been auctioned, Richards says Ferrier Hodgson’s role as receivers will end.

However, insolvency specialist Geoff Handberg will continue investigating Mannway after creditors voted last week to liquidate the company.

Handberg’s preliminary investigation revealed Mannway was trading insolvent as far back as June 2008, while employees are owed more than $5.6 million.

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