1st Fleet to be liquidated in $4m asset sell-off

1st Fleet assets sent to the auction block after creditors vote to liquidate the company

1st Fleet to be liquidated in $4m asset sell-off
1st Fleet to be liquidated in $4m asset sell-off
May 24, 2012

Failed transporter 1st Fleet will be liquidated in a multi-million dollar sell-off after creditors voted to liquidate the company.

Creditors voted on May 22 to liquidate Stephen Brown’s 24-year-old firm, and administrator de Vries Tayeh issued instructions for an asset sell off.

Automotive auctioneer Manheim and insolvency auction specialist Hymans will stage multiple auctions across the country starting in Melbourne on May 29.

Manheim says 680 trucks, trailers and transport equipment will be sent to auction nationally, making the sale one of the largest liquidation auctions ever held in Australia.

"The auction will provide interested parties with the opportunity to secure large fleets of late model linehaul and general freight assets," a statement from Manheim says.

"Approximately $4 million [in] late model trucks, trailers and transport equipment will be offered in the auction, which is being held at 17-26 Strezlecki Avenue, West Sunshine."

Manheim says interested parties will be able to view assets listed for auction in Melbourne on May 28.

The Melbourne auction will begin at 10am and Manheim says viewing will also be available before the start time.

The firm will stream the auction online, saying it will help those who are unable to attend the mid-week event in person.

Auctions in Canberra, Adelaide, Brisbane, Perth and Sydney will be held between June 1 and 13.

1st Fleet went into administration in late April and folded one week later after its funding lifeline was cut off. The business blamed rising costs, tough loan repayments and late payment terms for crippling its cashflow.

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