McGrathNicol quiet on Viking receivership


Insolvency specialist refuses to comment on hefty reported debt

By Rob McKay | April 29, 2011

Viking Express and Viking Freight and Logistics were running "business as usual" but Perth Freightlines was at a halt due to the Viking Group’s insolvency, according to a spokeswoman.

That was all she would say and no one else would comment when ATN rang the company today.

McGrathNicol was also tight-lipped about the receivership that it was conducting of the Viking Group.

A spokeswoman says the insolvency specialist would not be in a position to comment until McGrathNicol Partner Johan Vorster returned from a break in two weeks’ time.

Meanwhile, the firm has set up a hotline for creditors and debtors.

According to the Australian Securities and Investments Commission database, notification of the appointment of a receiver was made yesterday.

However, in an advertisement in national daily newspapers, McGrathNicol says receivers were appointed by a secured creditor over "all fixed and floating assets" on April 20 and 21.

The McGrathNicol spokeswoman would not comment on who the creditors are, though one unconfirmed report indicated that the Commonwealth Bank may be owed as much as $58 million.

Citing customer confidentiality, a bank spokesman refused to comment on the figure or whether it had sought the appointment of receivers.

Along with Viking’s Express and Fleet Service arms, McGrathNicol will run the rule over Perth Freightlines, which Viking bought in 2008, and a number of other group-related companies.

Viking Group is a national freight operator with offices in all states and services focused along the eastern and southern coastlines.

It also handles container port logistics and truck repair and maintenance.

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