Hundreds of jobs axed as XL Express plunged into liquidation owing $42m
It has collapsed owing almost $42m in estimated debts, with about 200 employees to be left without jobs.
The Brisbane-based trucking company was founded in 1990 and operated across Australia.
The company was plunged into voluntary administration in late June and appointed administrators Kelly-Anne Trenfield, Ross Blakely and Joanne Dunn from FTI Consulting, who conducted an 'urgent assessment' into its finances.
As part of the liquidation, its 200 employees were stood down and on June 23,the premises in Western Sydney were locked due to unpaid rent, the administrators said.
The FTI Consulting report said the logistics company owed up to $41.9m in total debts, with $5.3m owed to employees and $3.4m to the Australian Taxation Office.
XL Express also owes an estimated $18.9m to lenders including NAB, ScotPac and Judo Bank.
The report said an estimated $12.4m was also owed to other unsecured creditors.
Multiple injury compensation claims that are being processed by insurers were also noted by administrators.
Prior to the logistics company appointing administrators, it engaged with Manheim Auctioneers to begin the process of liquidating its fleet of vehicles.
According to the administrator's report, XL Express' forecast from January 2023 indicated 'ongoing cash flow difficulties', incurring losses in FY23, FY24 – excluding abnormal items and revaluation of its assets – and March YTD FY25.
On August 4, the Australian Securities and Investments Commission issued a notice of deemed special resolution to wind up XL Express and its 17 associated companies.
XL Express operated depots and facility locations in Brisbane, Sydney, Melbourne, Adelaide, Perth and Darwin, as well as regional depots in Cairns, Townsville, Mackay and Newcastle.
Originally published as Hundreds of jobs axed as XL Express plunged into liquidation owing $42m
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Advertiser
8 minutes ago
- The Advertiser
Another Chinese automaker drops an Australian distributor
Chinese car brand GAC has cancelled a deal to distribute its cars in Australia through local company AGA Auto, stepping in to establish its own operations instead. It's the second Chinese manufacturer to take over Australian distribution this year following BYD's July 1 takeover from local company EVDirect. Guangzhou-based GAC sells petrol, hybrid and electric vehicles (EVs) in China, the Middle East, South America and Europe. As well as GAC-badged cars, it also sells cars under the Aion brand, GAC Trumpchi (only sold in China) and has a premium brand called Hyptec which it used to launch its stunning SSR electric supercar. CarExpert can save you thousands on a new car. Click here to get a great deal. A deal with Sydney-based AGA Auto to distribute cars in Australia was signed in 2022, but that has now been cancelled, with GAC set to enter Australia as a factory-backed operation after delays given the restructuring. "We have moved from a distributor-based model to an OEM direct-to-market approach, given hyper-competitiveness of the market," Jason Pecotic, GAC Australia chief operating officer (COO), told CarExpert. "The distributor is still part of the GAC fold, and we'll continue to work together with them running a number of dealers within our Australian network." Mr Pecotic became COO of GAC's local operation in April 2025 as the automaker geared up for an Australian launch, with AGA Auto CEO Charles Lau confirming the separation. "GAC and AGA have been undergoing background negotiation and handovers… and [AGA is] no longer the distributor for GAC Australia as GAC is looking to enter on an OEM operation," said Mr Lau. "We have other brands soon to be announced in due course and will keep you posted." Chinese automakers have taken over from local distributors in the past, and often gone on to enjoy greater success. Before GWM distributed its own vehicles here, for example, they were sold by Ateco which also briefly handled the Chery brand. MORE: China's GAC confirms Australian launch date, plans BYD Shark rival MORE: BYD drops local importer EVDirect, will distribute vehicles in Australia itself Content originally sourced from: Chinese car brand GAC has cancelled a deal to distribute its cars in Australia through local company AGA Auto, stepping in to establish its own operations instead. It's the second Chinese manufacturer to take over Australian distribution this year following BYD's July 1 takeover from local company EVDirect. Guangzhou-based GAC sells petrol, hybrid and electric vehicles (EVs) in China, the Middle East, South America and Europe. As well as GAC-badged cars, it also sells cars under the Aion brand, GAC Trumpchi (only sold in China) and has a premium brand called Hyptec which it used to launch its stunning SSR electric supercar. CarExpert can save you thousands on a new car. Click here to get a great deal. A deal with Sydney-based AGA Auto to distribute cars in Australia was signed in 2022, but that has now been cancelled, with GAC set to enter Australia as a factory-backed operation after delays given the restructuring. "We have moved from a distributor-based model to an OEM direct-to-market approach, given hyper-competitiveness of the market," Jason Pecotic, GAC Australia chief operating officer (COO), told CarExpert. "The distributor is still part of the GAC fold, and we'll continue to work together with them running a number of dealers within our Australian network." Mr Pecotic became COO of GAC's local operation in April 2025 as the automaker geared up for an Australian launch, with AGA Auto CEO Charles Lau confirming the separation. "GAC and AGA have been undergoing background negotiation and handovers… and [AGA is] no longer the distributor for GAC Australia as GAC is looking to enter on an OEM operation," said Mr Lau. "We have other brands soon to be announced in due course and will keep you posted." Chinese automakers have taken over from local distributors in the past, and often gone on to enjoy greater success. Before GWM distributed its own vehicles here, for example, they were sold by Ateco which also briefly handled the Chery brand. MORE: China's GAC confirms Australian launch date, plans BYD Shark rival MORE: BYD drops local importer EVDirect, will distribute vehicles in Australia itself Content originally sourced from: Chinese car brand GAC has cancelled a deal to distribute its cars in Australia through local company AGA Auto, stepping in to establish its own operations instead. It's the second Chinese manufacturer to take over Australian distribution this year following BYD's July 1 takeover from local company EVDirect. Guangzhou-based GAC sells petrol, hybrid and electric vehicles (EVs) in China, the Middle East, South America and Europe. As well as GAC-badged cars, it also sells cars under the Aion brand, GAC Trumpchi (only sold in China) and has a premium brand called Hyptec which it used to launch its stunning SSR electric supercar. CarExpert can save you thousands on a new car. Click here to get a great deal. A deal with Sydney-based AGA Auto to distribute cars in Australia was signed in 2022, but that has now been cancelled, with GAC set to enter Australia as a factory-backed operation after delays given the restructuring. "We have moved from a distributor-based model to an OEM direct-to-market approach, given hyper-competitiveness of the market," Jason Pecotic, GAC Australia chief operating officer (COO), told CarExpert. "The distributor is still part of the GAC fold, and we'll continue to work together with them running a number of dealers within our Australian network." Mr Pecotic became COO of GAC's local operation in April 2025 as the automaker geared up for an Australian launch, with AGA Auto CEO Charles Lau confirming the separation. "GAC and AGA have been undergoing background negotiation and handovers… and [AGA is] no longer the distributor for GAC Australia as GAC is looking to enter on an OEM operation," said Mr Lau. "We have other brands soon to be announced in due course and will keep you posted." Chinese automakers have taken over from local distributors in the past, and often gone on to enjoy greater success. Before GWM distributed its own vehicles here, for example, they were sold by Ateco which also briefly handled the Chery brand. MORE: China's GAC confirms Australian launch date, plans BYD Shark rival MORE: BYD drops local importer EVDirect, will distribute vehicles in Australia itself Content originally sourced from: Chinese car brand GAC has cancelled a deal to distribute its cars in Australia through local company AGA Auto, stepping in to establish its own operations instead. It's the second Chinese manufacturer to take over Australian distribution this year following BYD's July 1 takeover from local company EVDirect. Guangzhou-based GAC sells petrol, hybrid and electric vehicles (EVs) in China, the Middle East, South America and Europe. As well as GAC-badged cars, it also sells cars under the Aion brand, GAC Trumpchi (only sold in China) and has a premium brand called Hyptec which it used to launch its stunning SSR electric supercar. CarExpert can save you thousands on a new car. Click here to get a great deal. A deal with Sydney-based AGA Auto to distribute cars in Australia was signed in 2022, but that has now been cancelled, with GAC set to enter Australia as a factory-backed operation after delays given the restructuring. "We have moved from a distributor-based model to an OEM direct-to-market approach, given hyper-competitiveness of the market," Jason Pecotic, GAC Australia chief operating officer (COO), told CarExpert. "The distributor is still part of the GAC fold, and we'll continue to work together with them running a number of dealers within our Australian network." Mr Pecotic became COO of GAC's local operation in April 2025 as the automaker geared up for an Australian launch, with AGA Auto CEO Charles Lau confirming the separation. "GAC and AGA have been undergoing background negotiation and handovers… and [AGA is] no longer the distributor for GAC Australia as GAC is looking to enter on an OEM operation," said Mr Lau. "We have other brands soon to be announced in due course and will keep you posted." Chinese automakers have taken over from local distributors in the past, and often gone on to enjoy greater success. Before GWM distributed its own vehicles here, for example, they were sold by Ateco which also briefly handled the Chery brand. MORE: China's GAC confirms Australian launch date, plans BYD Shark rival MORE: BYD drops local importer EVDirect, will distribute vehicles in Australia itself Content originally sourced from:
AU Financial Review
36 minutes ago
- AU Financial Review
Should I take my super fund to court for a timing error?
Q: In early August last year, I asked my retail super fund to convert my $500,000 super balance to a pension, but unfortunately, it delayed doing this until mid-September, even though it said this was a same-day service. By the time my super was processed my balance had grown to $525,000 and this higher amount was reported to the Australian Taxation Office for Transfer Balance Cap (TBC) purposes, permanently reducing my available cap space by $25,000. When I complained to my fund that had the pension started in August, it would have grown to $530,000, they credited my account with $5000. When I also complained that an earlier start would have shown a TBC of $500,000 it responded by saying that rules contained in division 294 of the Income Tax Assessment Act and in superannuation regulations required it to report the actual amount on the processing date.
West Australian
an hour ago
- West Australian
Evolution Mining doubles profit and jacks up dividend on record gold surge
Evolution Mining will shower investors with the spoils of a record profit that more than doubles last year's, in a roaring result that could set the scene for a bumper goldie reporting season. The Sydney-based miner, which recently completed a major production expansion to the Mungari mine near Kalgoorlie, increased statutory profit by 119 per cent to $926 million for the 2025 financial year. Prices for the tumult and inflation-hedge driven commodity reached an all-time high in April, sending Evolution's achieved gold price up 35 per cent to $4300 on the 750,512 ounces of gold produced during the year. All-in sustaining costs of $1653 an ounce were up 12 per cent, however, as the miner made the most of higher prices and processed its lower-grade stockpiles. The board declared a fully franked final dividend of 13¢ a share for the year, compared to 5¢ a share in the prior year. Evolution chief executive Lawrie Conway said the miner would be focused on delivering high margins in the new financial year, when it expects to hit production of between 710,000 and 780,000oz. 'Our cost and production performance in the year saw our balance sheet continue to strengthen, with gearing levels falling while successfully delivering several major capital projects,' he said. Evolution runs two mines in NSW, two in Queensland, and one in WA — the Mungari gold project, about 20km west of Kalgoorlie. It also owns the Red Lake mine in Canadian province of Ontario. It's among the first gold miners to report for the 2025 full-year results period. More to come.
