News story

Forklift company goes under

Wednesday, 4 March 2009 ( #400 ) - Riverstone, New South Wales, Australia
Liquidator, Bruce Gleeson of Jones Partners.
Liquidator, Bruce Gleeson of Jones Partners.
Forklift supplier Rapid Equip Service, Sales and Hire of Riverstone, New South Wales is in liquidation, with around 60 of its forklifts going on auction this week through GraysOnline.

The company went into voluntary administration (VA) in late 2008, but, without a proposal to creditors on how it could continue to trade, was placed in liquidation.

Liquidator Bruce Gleeson of Jones Partners tells Forkliftaction.com News that many of the creditors are finance companies who have shortfalls on their respective finance contracts.

"The full extent of the company's deficiency of assets over liabilities will not be fully determined until relevant equipment is sold and the actual shortfall is known," says Gleeson, adding that Rapid had contracts with approximately 10 finance companies at the time of the VA appointment.

Rapid Equip, which operated from leased premises in Riverstone, employed around six people.

All forklifts owned by the company as well as under finance contracts have been collected by Grays, on instruction from the liquidator. Prior to the appointment of Jones Partners, it is believed that another finance company had collected certain forklifts under finance.

Gleeson says that at this stage, there are certain aspects that require further investigation.

He adds that it is not expected, based on the anticipated realisations, that there will be any return to ordinary unsecured creditors.
Out of business: Rapid Equip operated from leased premises in Riverstone, NSW.
Out of business: Rapid Equip operated from leased premises in Riverstone, NSW.
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