Insolvency firm McGrathNicol is acting as receivers over certain assets within Melbourne-based transport company Viking Group after being appointed by an as-yet-unnamed secured creditor.
However, in an unusual twist, McGrathNicol is not acting as managers, as is standard in most receiverships.
This means the directors of the company remain in control. However, inquires at Viking’s head office in Melbourne suggest the business is no longer operational.
Directors of the business were unavailable for comment prior to publication.
Viking Group is a transport and logistics company with operations in Queensland, New South Wales, Tasmania and Western Australia.
The company was formed in 1970 and according to its website currently employs more than 300 people across four divisions, including one division that maintains transport vehicles.
McGrathNicol was appointed as receivers on April 20 and 21, but declined to comment on the matter this morning.
The firm has set up a hotline for debtors, but says in a recorded message on the hotline that it cannot provide information to creditors.
In an advertisement published today, McGrathNicol says that since its appointment, “the Supreme Court of Victoria has made orders prohibiting the redirection of debts owned by the secured creditor to any other party.”
McGrathNicol has also warned that any company negotiating to buy assets of the Group – presumably from the directors – will need to gain the approval of the receivers before any deal can be finalised.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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