Ipswich manufacturer Brice Trailers enters liquidation owing $1.7m

A manufacturer of horse floats, caravans and trailers west of Brisbane has entered into liquidation, owing $1.7 million to the ATO, suppliers, customers and employees.

An Ipswich trailer manufacturer, which amassed a large Facebook following, has entered into liquidation after a failed attempt to restructure the company’s debts.

Brice Trailers Pty Ltd, based at Wulkuraka, was a well-known manufacturer of horse floats, goosenecks, caravans and trailers, developing a strong following after it was founded in 2017.

Appointed liquidator Adam Ward from Worrells, said it was estimated $1.7 million was owed to creditors, including suppliers, customers (paid in advance), employees and financiers with security over known assets, as well as the ATO.

Mr Ward added there were four employees at Brice Trailers at the time of his appointment.

“My appointment arose reasonably quickly as the company did not have sufficient working capital to continue to trade,” Mr Ward said.

“I have not as yet been able to begin investigations into the reasons the company has found itself in this financial position.

“The company did recently appoint a restructuring practitioner to attempt to restructure the company debts however that process failed and the director had to make the difficult decision to cease trading and appoint a liquidator.

“I don’t have any comment on the director other than to say it has been extremely difficult to face the reality of the financial situation the company is in and the decision to close the business and appoint a liquidator was a difficult one however necessary in the circumstances.

“Creditors will be updated on the full financial position after all necessary investigations are completed.”

Brice Trailers amassed a following of 10,000 on its Facebook page and close to 500 on its Instagram page.

Originally published as Ipswich manufacturer Brice Trailers enters liquidation owing $1.7m