Skelton Sherborne loses solvency battle

Liquidators called in by heavy logistics and transport firm after receivership moves make running the business impossible

Skelton Sherborne loses solvency battle
Skelton Sherborne loses solvency battle
December 5, 2012

Brad Skelton has lost the battle to save the heavy logistics and transport firm he founded 17 years ago.

Skelton Sherborne has been put in the hands of liquidators at Brisbane’s SV Partners.

"The Deloitte receivership conducted on behalf of HSBC has been catastrophic to the company's future viability," Skelton, who has detailed developments in his struggle to save his firm in his blog, says.

"Despite the great efforts of my amazing team to save the company post the receivership, we deemed it could not be successfully salvaged while the bank accounts, debtor book and statutory refunds were kept under the control of Deloitte.

"Effectively Skelton Sherborne's cash flow was cut off and as a consequence the company became insolvent.

"As a director I was compelled to appoint a liquidator."

Skelton had earlier made plain to this news service his fear that the company would be left insolvent after HSBC forced it into receivership and Deloitte took control of it as receiver and manager on November 20.

Despite the bank instructing last Friday that Deloitte be partially retired as receiver, giving operational control notionally to company managers, that move did not extend to the bank account, debtor book or statutory refunds, leaving the company dead in the water.

"I am in disbelief that such a good and profitable company with a great track record can lose the support of its bankers and end up in this position with so many innocent people hurt along the way," Skelton writes.

He pays tribute to his staff, a skeleton crew of whom will help look after cargo still at sea for a short period, and advises clients retrieve any cargo at the firm’s warehouse near the Port of Brisbane.

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