Administrator Peter Hillig of Smith Hancock hopes to wrap up the sale of embattled forklift company Smeaton Forklifts, trading as Budget Forklifts NSW, within a fortnight.
He tells Forkliftaction.com News that he is in the process of finalising the sale of the business but is not sure at this stage whether the potential purchaser will continue to run the business using its current name.
The company was placed under voluntary administration on 31 October 2007, owing an estimated AUD2.7 million to creditors, which comprise two secured and around 30 unsecured entities. (Forkliftaction.com News #335).
Total assets are confidential but are believed to comprise around 118 forklifts, its business name and goodwill.
Meanwhile, Independent Forklift Services (IFS), which includes IFS (Qld), IFS (NSW) and IFS (NQ) has been placed in liquidation, following a decision by creditors who met on 18 December 2007.
While administrators PPB (Qld) received several offers to purchase the business, only an offer to purchase the ‘hire’ portion of the company was acceptable. The balance of the equipment for IFS (NSW) was auctioned prior to Christmas.
It is intended that the remaining assets of IFS (Qld) and IFS (NQ) will be auctioned by Graysonline in February.
Approximately 100 forklifts, which include some wrecks and spare parts, will be on offer.
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