Victoria
Caravan maker Australian Off Road referred to corporate regulator
The collapsed caravan manufacturer Australian Off Road has been referred to the corporate regulator after entering administration with debts of nine million dollars.
Australian caravan manufacturer Australian Off Road has been referred to the nation's corporate regulator following its sudden collapse last week. A meeting of the company's creditors has revealed that the high end caravan business owes approximately nine million dollars to various parties.
According to wire reports detailing the initial creditors' meeting, the administrator is investigating the financial affairs of the company and has made a referral to the Australian Securities and Investments Commission, known as ASIC. This action is common in cases where large debts are unresolved and administrators must report any potential regulatory concerns.
The meeting provided the first detailed look at the financial health of the caravan maker, which had built a reputation over several decades for producing rugged, off road leisure vehicles. The revelation of a nine million dollar debt has raised concerns among suppliers, trade creditors, and customers, many of whom have placed significant deposits on vehicles that are yet to be completed.
At this stage, the future of the company remains highly uncertain. Operations have been suspended while the administrators conduct a thorough review of the accounts to determine if the business can be sold as a going concern, or if the assets must be liquidated to repay outstanding debts. The exact breakdown of what is owed to secured creditors, employees, and unsecured trade creditors has not been fully publicised.
Administrators are expected to continue their investigations into the collapse over the coming weeks, while customers await news on their deposits.
Watch for the administrators to issue their formal report to creditors detailing the viable recovery options and whether a deed of company arrangement will be proposed.
This report draws on original reporting by Wire report.
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