Over 20 parties have expressed interest in purchasing the business and assets of embattled forklift company Smeaton Forklifts, trading as Budget Forklifts NSW, which was placed under voluntary administration on 31 October.
The deadline for offers has now been extended to 23 November by administrator Peter Hillig of Smith Hancock.
He tells Forkliftaction.com News that the forklift company owes an estimated $2.7 million to creditors which comprise two secured and around 30 unsecured entities.
Total assets are confidential but are believed to comprise around 118 forklifts, its business name and goodwill.
The creditors, who met on 7 November, declined to form a Committee of Creditors, and have accepted Smith Hancock as administrator. The second meeting of creditors is scheduled for 27 November.
According to Hillig, the business was purchased at the end of 2003 for $2.7 million, including $1 million for goodwill. "The sale of the company’s business and assets represents an opportunity for someone to add to their fleet and pick up new customers."
Budget Forklifts NSW is in no way related to Budget Forklifts of Western Australia, says MD of the latter, Tim Leunig. "There is no relation between the two companies whatsoever. Budget Forklifts WA has been trading successfully since 1968 and will continue to do so," he tells Forkliftaction.com News.
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