Newsletter #329 (View other news stories)
IFS under voluntary administration
BRISBANE, Australia
Thursday, 27 Sep 2007
 IFS's Sumner Park head office |
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Brisbane-based Independent Forklift Services (IFS) has been placed under voluntary administration.
The Sumner Park-headquartered firm sells and hires forklifts, with operations in Brisbane, Townsville and Smithfield, New South Wales.
National insolvency firm PPB took control of the business on Monday, with Andrew Fielding appointed as administrator. Independent Forklift Services continues trading and it is believed the business will be offered for sale as a going concern.
IFS, established in 1992, is an independently owned and operated company, not aligned to any manufacturer.
Claiming to be "the largest second-hand forklift sales operation in Australia", IFS also sells into the Asia Pacific region.
IFS carries a range of equipment from 1 to 52 tonnes, much of it supplied on a fully maintained basis.
Service is provided at IFS’s workshop facilities and through a fleet of field maintenance vehicles.
The company also hires forklifts and has a diverse range of equipment available for short- or long-term leasing, some even available for day hire.
IFS operates its own spare parts stores which are stocked with a wide range of parts.
Director Graeme Dillon was not available for comment.
Voluntary administration is a mechanism for companies in financial distress to obtain some breathing space from creditors. It allows companies to avoid liquidation by transferring control to an administrator – normally an insolvency professional.
The first meeting of creditors is usually held within five days and a second meeting, to decide the company's future, within 28 days.
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