Turners are selling the transportation assets of Roger Wallace Limited (In Liquidation) online until 7.28pm on April 11.
The company was a rural transport carrier in the Gisborne region for more than 18 years.
According to a report from liquidator Shephard Dunphy, the company had a seasonal but consistent cash flow, although any significant maintenance of the vehicles both in cost and time off the road, impacted considerably.
The company faced two creditor petitions to liquidate the company and after seeking professional advice, it was decided by the shareholders, Roger Wallace, and Lorraine Bright to place the company into liquidation on January 26.
The liquidators report on February 2 estimated the shortfall to all creditors, subject to liquidation costs, would be more than $246,381. This included a charge of $317,000 to UDC for trucks, plant and equipment.
Viewing of the 13 online auction lots is available on Thursday, April 7 at the corner of Banks Street and Solander Street, Gisborne from 9 am to 2 pm.
Contact Turners representative Hilton Sharples, 0272 968 954, for more information.
