Receivership and asset realisation for Vermile
Receivership and asset realisation for Vermile
| Client | Vermile Pty Ltd |
| Industry | Transportation |
| Services provided | Receiver and manager - realisation of assets, including motor vehicles, equipment, outstanding debtor balances and investigations |
Key learnings
- Timely securing of assets and consistent follow-up on outstanding debts were key to maximising recoveries
- Thorough documentation review and collaboration with stakeholders ensured transparency and efficiency in the recovery process.
Austrans was a nationwide intermodal transport group with over 40 years of trading history. Long-running disputes with key debtors and customers led to significant cash flow challenges. Ultimately, the director determined the company was no longer viable and appointed administrators. BDO was selected as receiver and manager to recover value from the company’s assets.
We provided business restructuring services, including:
- Receivership and asset realisation
- Recovery of motor vehicles, equipment, and debtor balances
- Coordination with legal advisors and secured creditors
- Investigations into outstanding receivables and logistics records.
Strategy and restructuring path
BDO implemented a structured recovery plan:
- Secured possession of the company premises across Australia, where assets were located
- Managed the recovery and sale of assets via public auction
- Pursued over 100 debtors, collectively owing approximately $30 million
- Conducted a detailed review of more than 10,000 invoices, proofs of delivery, and logistics data within the TransVirtual platform
- Worked closely with legal advisors and two banks to maximise recoveries.
Outcome
The receivership process delivered strong results, including:
- Over $5 million realised from the auction of vehicles and equipment
- Significant recoveries made from debtor balances following extensive documentation review
- Secured creditors received substantial returns through timely asset recovery and debt collection.