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.
Family-owned Austrans Container Services was placed into liquidation last July, but documents filed with the corporate regulator reveal Gregory O’Shea is being investigated over allegations he repeatedly breached his director duties and allowed the company to trade while insolvent.
A statutory report by liquidator Cor Cordis also confirmed it was examining claims that unfair preference payments and uncommercial transactions were made before Austrans’ sudden demise.
“A number of stakeholders have raised concerns about the company’s conduct during the period prior to our appointment. The concerns raised appear to relate to the misappropriation of company and customer assets,” according to the report by Cor Cordis chief executive Daniel Juratowitch.
The report, filed in October with the Australian Securities and Investments Commission, states that any recovery of assets in the liquidation is “highly unlikely”.
Juratowitch also advised creditors his investigation had been hampered by inadequate information from Austrans and its sole director, including a failure by O’Shea to provide a personal statement of his assets and liabilities.
