Receiver expects quick sale of exporters' assets
Posted
The receiver appointed to two Darling Downs fruit and vegetable exporters says the assets are top quality and they will sell quickly.
Brisbane accounting firm Ernst and Young took control of Matilda Fresh Foods and Matilda Farms last Friday.
Partner Justin Walsh says a marketing campaign will begin within a fortnight and he expects the assets will be sold by the end of the year.
"The farming assets are clearly blue ribbon assets," Mr Walsh said.
"The packing facility is first-class and certainly the feedback I'm having from the market without doing any marketing is that there'll be a lot of interest in the assets.
"I expect to get quite a good price."
Matilda Fresh Foods director Phillip Jauncey says those involved in the two companies are still coming to grips with what the move means.
He says it is too early to comment on the factors that contributed to the situation.
Mr Walsh says it appears a lack of working capital may have led to the companies to go into receivership.
"Now I don't know what led to the appointment of voluntary administrators, but I suspect it was a lack of working capital," he said.
