TRUCKING company XL Express is to be liquidated.
A notice to liquidate the various arms of the business has been added to the ASIC website.
The Brisbane-based company placed itself in voluntary administration back in June, a process managed by FTI Consulting.
A number of staff were let go at the time and more job losses are expected now.
Remaining debts have been reported of around $42 million.
Key creditors include NAB, Judo Bank and ScotPac Business Finance.
Industry sources noted that with XL and other recent business closures and liquidations and transport operators going into administration, the level of strain being experienced across all sectors of road freight transport was becoming apparent.
“For container transport operators, the international trade volumes are relatively stagnant now, which is an indication of the sluggish nature of the economy,” one transport industry figure said.
“While volumes and revenue is down, costs keep going up, so margins are really being squeezed at the moment.”
DCN has sought comment from managing director Colin Mallory for comment via LinkedIn as well as from the Transport Workers Union.
DCN reported two months ago about the collapse of another trucking company, that being Don Watson Transport, a refrigerated and cold storage company.
XL Express began trading in Queensland in 1990 and later expanded across Australia.
On its website, it refers to an Australia-wide delivery service, supported by its own linehaul network and in-house IT platforms.
“Still 100% privately owned, and our values as relevant today as they were 30 years ago,” the company said on its website.
“We continue to forge new partnerships by tailoring solutions for clients in the road express segment and 3PL markets by managing their physical supply chains end-to-end throughout Australia.”