South-east hire company in ‘unusual’ liquidation
A HIRE company supplying equipment to the south-east's civil and construction industry has been placed in liquidation after seven court adjournments.
Advance Rental Pty Ltd was placed into liquidation through a Federal Court order on August 16 after seven previous adjournments.
Darryl Kirk from Cor Cordis was appointed liquidator to the company, which has sites at Caboolture, Rocklea, Ipswich and on the Gold Coast.
Mr Kirk said the company was placed in liquidation pending the sale of the business but, in an unusual situation, the buyer has taken unpaid possession of its assets.
He said the company was "halfway through completing a contract of sale" and remained operational under a different name.
Mr Kirk said the purchaser of the business would retain the staff and said his role was about ensuring the sale met requirements.
Advance Rental, established in 1991, boasts about servicing projects from northern NSW to the Sunshine Coast and west to Roma.
The company specialises in compaction equipment but also stocks general hire machines, lighting towers, diesel pumps forklifts and water-filled barriers.
A representative from Advance Rentals could not be reached for comment.