ACFS Port Logistics managing director and chief executive Arthur Tzaneros says he is confident for the future of his company, despite a number of applications for wind-up notices having been filed in the courts.
Mr Tzaneros told Daily Cargo News the company was “trading profitably” and “clearly solvent”.
Plaintiff applications in the Federal Court include one from Evolution MIT Services Pty Ltd (in its capacity as trustee for the A-Star Bigfoot Logistics) and one lodged with the Federal Court by the Deputy Commissioner of Taxation.
Hearings on both matters are expected this week.
An earlier application by Transurban was withdrawn after the two companies reached a "last-minute deal".
The Australian Financial Review recently reported people “close to the negotiations” between ACFS and the ATO as saying the debt was almost $60 million.
DCN approached the ATO but was told no comment could be made on grounds of privacy.
In an email, Mr Tzaneros said they intended to oppose the application from the tax commissioner.
“The company is clearly solvent and we have made arrangements for payment of all debt in full to the ATO before the hearing,” he said, indicating he expected proceedings to be withdrawn.
Mr Tzaneros said the company was “trading profitably, to everyone's benefit and is increasing the size of our finance facilities going forward to accommodate the current economic climate of increasing debtor positions”.
He said the company's business strategy continues to focus on their “core competencies of road transport / rail, FCL and empty depots”, while offering warehousing solutions at a reduced scale.
He said ACFS had terminated more than $22m in annualised leases in preparation for the 2027 financial year, “where we expect a very strong year of trading results, without the ongoing liabilities of warehousing operations”.
DCN has until now refrained from outlining ACFS's situation in anticipation of possible resolution.