Springsure Tractor and Header Service placed into liquidation
The agriculture and machinery business has been placed in liquidation after the director began facing financial trouble in June last year. See the latest in the case.
Rockhampton
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Springsure Tractor and Header Service’s remaining plant and equipment will be sold in an online auction as the company is now in liquidation.
The Central Highlands business, registered under CQ AG Parts Pty Ltd, ceased trading on February 3.
Company director and secretary Paul Ferguson filed for voluntary administration on March 16.
Initial reports filed to ASIC by administrator Michael Beck of Worrells Solvency and Forensic Accountants CQ stated the company owed more than $2.2 million to banks and trade suppliers.
A second meeting of creditors was held on April 27 and the group decided to wind the company up and it was moved into liquidation.
The company was registered in 2009 and traded from premises at 9 Eclipse Street, Springsure, providing parts and accessories for agricultural related machinery, tyre services and light vehicle servicing and repairs.
“(The company) started to experience financial difficulty around June 2022 and attributes the company’s insolvency to inadequate working capital and the excessive use of credit,” Mr Beck’s report states.
Mr Beck in his preliminary examination estimates the company became insolvent on or about June 30, 2021.
At the date of the report on April 17, the claims against the company were $1,029,377 of secured debts, $149,000 of priority employee entitlements, and $965,845 of unsecured debts.
The Commonwealth Bank of Australia holds a first registered mortgage over the company’s commercial property and a general security interest over all of the company’s assets as it is owed $1,029,376 in business finances.
The director estimates the company has $375,000 in stock, plant and equipment.
An agent has been engaged to evaluate the assets for a proposed online auction.
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