{"id":190616,"date":"2025-03-25T14:58:11","date_gmt":"2025-03-25T04:58:11","guid":{"rendered":"https:\/\/www.vibewire.com.au\/?p=190616"},"modified":"2025-03-25T14:58:12","modified_gmt":"2025-03-25T04:58:12","slug":"freight-empire-collapses-owing-116m","status":"publish","type":"post","link":"https:\/\/www.vibewire.com.au\/?p=190616","title":{"rendered":"Freight empire collapses owing $116m"},"content":{"rendered":"\n

A freight empire has collapsed with massive debts of more than $116 million, while its high-flying director insists he will launch fresh bankruptcy proceedings against former AFL manager Ricky Nixon over an alleged debt of $40,000.<\/p>\n\n\n\n

Family-owned Austrans Container Services was placed into liquidation last July, but documents filed with the corporate regulator reveal Gregory O\u2019Shea is being investigated over allegations he repeatedly breached his director duties and allowed the company to trade while insolvent.<\/p>\n\n\n

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Greg O\u2019Shea\u2019s transport and logistics company, Austrans, collapsed with debts of more than $116 million.CREDIT: INSTAGRAM<\/figcaption><\/figure>\n<\/div>\n\n\n

A statutory report by liquidator Cor Cordis also confirmed it was examining claims that unfair preference payments and uncommercial transactions were made before Austrans\u2019 sudden demise.<\/p>\n\n\n\n

\u201cA number of stakeholders have raised concerns about the company\u2019s conduct during the period prior to our appointment. The concerns raised appear to relate to the misappropriation of company and customer assets,\u201d according to the report by Cor Cordis chief executive Daniel Juratowitch.<\/p>\n\n\n\n

The report, filed in October with the Australian Securities and Investments Commission, states that any recovery of assets in the liquidation is \u201chighly unlikely\u201d.<\/p>\n\n\n\n

Juratowitch also advised creditors his investigation had been hampered by inadequate information from Austrans and its sole director, including a failure by O\u2019Shea to provide a personal statement of his assets and liabilities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Family-owned Austrans Container Services was placed into liquidation last July, but documents filed with the corporate regulator reveal Gregory O\u2019Shea is being investigated.<\/p>\n","protected":false},"author":21,"featured_media":190617,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[35,1437,47],"tags":[16023,993,8],"class_list":["post-190616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","category-intermodal-terminal","category-rail-news","tag-austrans","tag-melbourne","tag-victoria"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t