RECEIVERS of troubled operator ACFS Port Logistics are expected to attempt a sale after the business was forced into administration this week.
Andrew Sallway and Duncan Clubb of BDO have been appointed as receivers and managers of ACFS Port Logistics and ACFS Investments Pty Ltd.
SALEA Advisory, a firm of recovery and insolvency specialists, as managers of the companies, is assisting the receivers and managers in this task.
“The receivers and managers of the companies will likely be undertaking a sale campaign for the sale of the business and assets of the companies as a going concern or as otherwise determined by the receivers and managers of the companies and any prospective purchaser in this regard,” a SALEA statement read.
The SALEA administrators are Jessica Perri, Anthony Elkerton and Sule Arnautovic.
SALEA said it also would be assisting with facilitating any interested parties to acquire and restructure the companies by way of a deed of company arrangement or creditors’ trust.
An additional entity, ATF the Australian Container Freight Services Trust, is also in the hands of SALEA administrators, but not the receivers.
SALEA has said it was their role to undertake investigations into the affairs of the companies and assess transactions that had occurred to determine if any funds could be “clawed back”.
An initial meeting of creditors is scheduled for 18 August with a second meeting of creditors at a date to be determined expected to decide on the future of the companies.
SALEA has indicated it is “too early” to advise on possible dividends or returns to non-secured creditors.
ACFS has been hired to move freight from ports for big businesses including Coles and Wesfarmers’ Bunnings and Kmart.
Industry sources have told DCN there were already examples of shipping lines starting to redirect their empty container de-hire instructions to importers and transport operators to avoid their equipment ending up in ACFS empty container parks.