Mannway fleet online 'at up to 30 percent off'

<font color=red><b>MANNWAY COLLAPSE:</b></font> Failed carrier flogging off fleet online – with big fixed-price savings, according to auction house

February 5, 2009

Receivers for failed operator Mannway are flogging off its fleet online – with big fixed-price savings, according to the auction house.

GraysOnline says 40 trucks and trailers from the Mannway fleet have gone on sale this week via the company’s website.

In total, some 98 prime movers, 22 rigid trucks and 285 trailers will be put up for sale in Victoria and New South Wales. Another 40 forklifts and 35 vehicles and general equipment will be liquidated.

Mannway fell into receivership and ceased trading in December after racking up multi-million dollar debts. Investigations are ongoing as to whether the company traded while insolvent.

Equipment from Victoria – including steelbro sideloaders, Kenworth and Freightliner Century Class prime movers ranging from 2003 to 2007 models – went on sale February 1.

The sale of NSW equipment – which includes a 2007 Mercedes Benz Actros, 2006/07 Freightliner Columbias and Argosys, plus a 2007 Vawdrey flat top trailer – will commence on February 22.

Buyers will have the option of purchasing instantly at a fixed price, according to GraysOnline CEO Cameron Poolman.

"Prospective buyers now have the option to purchase Mannway trucks and trailers online at a low fixed price," he says.

"Buyers stand to save up to 30 percent off the wholesale price for comparable transport assets."

Mannway’s assets include some 600 vehicles, 10 warehouses and 100,000 square metres of customer storage.

Brendan Richards from receivership firm Ferrier Hodgson has previously said the market will not be flooded with assets to ensure there is a maximum return.

"It will be a staged process over time," Richards told ATN. "We’re not about having a massive fire-sale of assets."

A recent investigation into the running of the company revealed it was trading insolvent as far back as June 2008, while employees are owed more than $5.6 million.

Creditors have voted to liquidate Mannway, allowing insolvency specialist Geoff Handberg to conduct an in-depth investigation into the running of the company.

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