Australian transport and logistics company Wettenhalls has collapsed with BDO Chartered Accountants appointed as administrators today.
The collapse follows the withdrawal of funding for the company. Rumours of the company’s demise first started circulating this morning when drivers were told not to come into work.
Wettenhalls is a privately owned transport and logistics company that employs over 500 people at 14 sites nationally and has a turnover in excess of $130m.
Luke Targett, Rachel Burdett-Baker, and Dennis Turner of BDO have been appointed as voluntary administrators while, independently, Wettenhall’s major financier has appointed Ferrier Hodgson as receivers and managers to Wettenhalls.
The assets and the control of the business are now the responsibility of the receivers and managers.
In a statement released today, the administrators said they understand Ferrier Hodgson will carry out an assessment of the business and advise all relevant parties in due course.
BDO will be communicating with all creditors and a first meeting of creditors will be held during the week commencing February 4, 2013.
Cara Waters is a former SmartCompany editor. Previously, Cara was a senior reporter for the Financial Times’ website and worked for The Sunday Times in London.
