Terang-based McVilly Timber has been placed into liquidation following a “lack of satisfactory offers” for the sale of the business. Source: The Standard
McVilly Timber, operating under the company name of Mount Edisar Pty Ltd, was placed in administration last month with debts of $1 million.
Administrators PPB Advisory revealed in a statement that creditors had voted for assets to be sold after an unsuccessful sale by expression of interest.
Mount Edisar has a timber treatment plant at Terang, branches at Timboon, Mumbannar and Bungaree, and an equestrian centre at Winchelsea.
Liquidator and PPB Advisory partner Craig Crosbie said liquidators would continue to negotiate with interested parties regarding the full or part sale of McVilly Timber.
“In the event that a suitable offer for McVilly Timber isn’t received, the liquidators will sell the company’s assets individually,” he said.
“The sale of stock, plant and equipment will be sold via auction and the sale of freehold property including the Winchelsea equestrian centre will be conducted by appointed real estate agents.
“The proceeds from these asset sales will be used to repay outstanding creditors including the Australian Tax Office and entitlements owed to former employees of McVilly Timber.”
The appointment of administrators on February 13 was a blow to the 42-year-old business.