Latest news with #RossBlakely
Sky News AU
07-08-2025
- Business
- Sky News AU
Hundreds of jobs axed as XL Express plunged into liquidation owing $42m
National transport and logistics company XL Express has gone into liquidation after 35 years in business. 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
Perth Now
07-08-2025
- Business
- Perth Now
Transport company collapses owing $42m
National transport and logistics company XL Express has gone into liquidation after 35 years in business. 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 operates along Australia's east coast between Melbourne, Sydney and Brisbane. 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. National trucking company XL Express has gone into liquidation. Supplied Credit: Supplied As part of the liquidation, its 200 employees were stood down and 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. On August 4, the Australian Securities and Investments Commission (ASIC) issued a notice of deemed special resolution to wind up XL Express and its 17 associated companies. More to come
News.com.au
10-07-2025
- Business
- News.com.au
‘Significant shortfalls': First Guardian Master Fund investors warned they may never see their money again
Thousands of Australians who have invested their superannuation into First Guardian have been told they may not be able to recover all of their funds, and it could take more than a year for them to get their money back. About 6000 Australians have invested $590m into the superannuation fund, which was founded in 2019 as a management investment scheme. Investors were advised to roll their money into a retail choice super fund, then invest their funds into First Guardian, which was available to investors on the superannuation platforms Equity Trustees, Netwealth and Diversa. Customers said they were unaware their funds were being transferred to First Guardian Master Fund despite the details being written in the company's legal documents. The fund collapsed earlier this year, leaving thousands of customers in the lurch and unsure if they will ever see their money again. FTI Consulting liquidators Paul Harlond and Ross Blakely, who released their preliminary report into the fund, said they 'intend to undertake further investigations', including the determination 'whether any breaches of the Corporations Act or any other laws have occurred by any party … or any other circumstances exist, which may give rise to a potential claim by investors'. In their report, the liquidators said they were 'seeking compensation on behalf of members of the fund for losses suffered', which could be as high as $446m. However, they also hold fears investors may never see their funds again. Their assessment found the 'overall recoverable value of the investments is likely to be considerably less than their combined book value' and a 'substantial shortfall of recoverable assets to outstanding investor funds will therefore likely arise in the liquidation'. In the report, the liquidators said 'a large proportion of investors in the (First Guardian Master Fund) invested through investment platforms', adding the recovered funds may not be as high as hoped. ' … the liquidators consider the value of the assets may have been overstated in the accounts,' the report read. 'It is very likely that some of the funds' assets/investments are not recoverable or will not recover their full ascribed value. Indeed, significant shortfalls to book values are expected.' The ABC reports the liquidators noted much of the money invested had gone to 'illiquid investments such as property developments and equity positions in related companies that may have shared a common director with the company'. The liquidators said it would take 'certainly beyond 12 months' to complete their investigation and wind up the business due to the 'complexity and number of outstanding matters' in the liquidation. 'The liquidators consider that the liquidation and the winding up of the funds will continue for and take some time to complete,' the report read. Corporate watchdog Australian Securities and Investments Commission (ASIC) confirmed it was launching an investigation. Falcon Capital Ltd is responsible for the failed superannuation fund, with ASIC investigating its former managing director David Anderson, who allegedly funnelled funds from superannuation members into his failed property developments and craft breweries. It's alleged Mr Anderson also poured the investor's savings into celebrity chef Scott Pickett's restaurant empire, of which he was an investor, ABC reported last week. Mr Anderson's assets have been frozen and his passport has been seized as Federal Court-appointed liquidators and investigators sort through financial records. ABC reported Mr Anderson allegedly moved $274m into offshore companies after he was alerted about the corporate watchdog's probe. The watchdog alleges $5.6m was deposited into Mr Anderson's ANZ account between June 2022 and September last year 'without any legitimate basis for payments in that amount being apparent to ASIC or disclosed to investors'. ASIC also alleges Mr Anderson used $16,000 to make mortgage payments on his $9m home overlooking the Yarra River. Mr Anderson's legal representative, Dan Mackay of Mackay Chapman, told the ABC last week 'there have been no findings of fact or law by any court or tribunal, nor by ASIC'. 'Mr Anderson will fully exercise his rights in response to allegations which may be made against him at the appropriate time in the appropriate forum,' he said.
Yahoo
10-07-2025
- Business
- Yahoo
Worrying update after super fund collapse
Thousands of Australians who have invested their superannuation into First Guardian have been told they may not be able to recover all of their funds, and it could take more than a year for them to get their money back. About 6000 Australians have invested $590m into the superannuation fund, which was founded in 2019 as a management investment scheme. Investors were advised to roll their money into a retail choice super fund, then invest their funds into First Guardian, which was available to investors on the superannuation platforms Equity Trustees, Netwealth and Diversa. Customers said they were unaware their funds were being transferred to First Guardian Master Fund despite the details being written in the company's legal documents. The fund collapsed earlier this year, leaving thousands of customers in the lurch and unsure if they will ever see their money again. FTI Consulting liquidators Paul Harlond and Ross Blakely, who released their preliminary report into the fund, said they 'intend to undertake further investigations', including the determination 'whether any breaches of the Corporations Act or any other laws have occurred by any party … or any other circumstances exist, which may give rise to a potential claim by investors'. In their report, the liquidators said they were 'seeking compensation on behalf of members of the fund for losses suffered', which could be as high as $446m. However, they also hold fears investors may never see their funds again. Their assessment found the 'overall recoverable value of the investments is likely to be considerably less than their combined book value' and a 'substantial shortfall of recoverable assets to outstanding investor funds will therefore likely arise in the liquidation'. In the report, the liquidators said 'a large proportion of investors in the (First Guardian Master Fund) invested through investment platforms', adding the recovered funds may not be as high as hoped. ' … the liquidators consider the value of the assets may have been overstated in the accounts,' the report read. 'It is very likely that some of the funds' assets/investments are not recoverable or will not recover their full ascribed value. Indeed, significant shortfalls to book values are expected.' The ABC reports the liquidators noted much of the money invested had gone to 'illiquid investments such as property developments and equity positions in related companies that may have shared a common director with the company'. The liquidators said it would take 'certainly beyond 12 months' to complete their investigation and wind up the business due to the 'complexity and number of outstanding matters' in the liquidation. 'The liquidators consider that the liquidation and the winding up of the funds will continue for and take some time to complete,' the report read. Corporate watchdog Australian Securities and Investments Commission (ASIC) confirmed it was launching an investigation. Falcon Capital Ltd is responsible for the failed superannuation fund, with ASIC investigating its former managing director David Anderson, who allegedly funnelled funds from superannuation members into his failed property developments and craft breweries. It's alleged Mr Anderson also poured the investor's savings into celebrity chef Scott Pickett's restaurant empire, of which he was an investor, ABC reported last week. Mr Anderson's assets have been frozen and his passport has been seized as Federal Court-appointed liquidators and investigators sort through financial records. ABC reported Mr Anderson allegedly moved $274m into offshore companies after he was alerted about the corporate watchdog's probe. The watchdog alleges $5.6m was deposited into Mr Anderson's ANZ account between June 2022 and September last year 'without any legitimate basis for payments in that amount being apparent to ASIC or disclosed to investors'. ASIC also alleges Mr Anderson used $16,000 to make mortgage payments on his $9m home overlooking the Yarra River. Mr Anderson's legal representative, Dan Mackay of Mackay Chapman, told the ABC last week 'there have been no findings of fact or law by any court or tribunal, nor by ASIC'. 'Mr Anderson will fully exercise his rights in response to allegations which may be made against him at the appropriate time in the appropriate forum,' he said. Sign in to access your portfolio
