Hundreds of jobs axed as XL Express plunged into liquidation owing $42 million
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.
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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
Originally published as Hundreds of jobs axed as XL Express plunged into liquidation owing $42m
