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Posted by David Sexton
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19 Oct, 2026
ACFS Port Logistics (APL) appears to have been insolvent from at least early/mid 2025, if not earlier, according to a report prepared by company administrators.
The report, prepared by restructuring and insolvency specialist SALEA, has been disputed, however, with company managing director Terry Tzaneros describing the findings as “preliminary”.
According to SALEA, “further investigations are ongoing” in regards any insolvent trading claims.
“The total deficiency to creditors of the companies and ageing of all creditor claims is not yet known, as such we are unable to provide an estimate of the quantum of the insolvent trading claim in APL at this time,” SALEA stated.
“This claim is subject to change in a Liquidation scenario as this number would further increase due to lodgement of further PODs and the crystalisation of various other claims.
“We will also lodge a report with ASIC… notifying ASIC of any offences identified with respect to the directors conduct prior to our appointment.”
In a statement to customers and partners, Terry Tzaneros said they were reviewing the report and would provide “a more detailed update in due course”.
“The administrators’ report raises questions regarding the solvency of ACFS. We do not agree with the views expressed.
“The administrator’s assessment is preliminary and expressly acknowledges that ACFS Port Logistics’ FY25 and FY26 remain outstanding and that further investigations are continuing,” he said.
“We will continue to work constructively with the administrators to address this matter.”
Mr Tzaneros said the Tzaneros family was preparing a DOCA (deed of company arrangement) to present to the administrators and receivers, with the assistance of restructuring advisors including McGrathNicol and Baker McKenzie.
“The family’s intention remains to recapitalise ACFS through a proposed DOCA, preserving the continuity of the business and positioning it with a stronger balance sheet and financial foundation for the future,” he said.
“We are maintaining appropriate liaison with BDO while our position, which is well advanced, is being finalised.”
As has been previously reported by DCN, APL was placed in the hands of administrators at the start of August this year, with debts reported to be in the order of half a billion dollars.
The Tzaneros family continues to manage the business and has publicly stated its intention to recapitalise.
