Custom Bus Australia Pty Limited and Custom Bus Holdings Pty Limited entered in to Voluntary Administration on Thursday 18 January 2018. Partners Simon Cathro and Aaron Lucan of Worrells Solvency & Forensic NSW & ACT have been appointed as the administrators.
Custom Bus, which operates out of Villawood in New South Wales and Wingfield in South Australia, fell in to financial distress late last year as a result of production problems and operational challenges.
Worrells Partner, Simon Cathro, stated “the business will continue to trade as usual through the Voluntary Administration process and administrators will work closely with the employees, customers and suppliers to ensure the delivery of all buses currently under order. We will continue to undertake a financial assessment of the business and will be placing the businesses up for sale. There will be no changes to the current employee structure at this stage but we will continue to review that position regularly over the course of the administration.”
All offers from interested parties will be considered. For more information or to make an enquiry or offer on Custom Bus, please contact the Worrells office.
Worrells has 25 offices nationally and 24 partners, across Qld, NSW, ACT, Vic, SA, and WA. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for 45 years.
Partner, Worrells Sydney
Partner, Worrells Western Sydney