Xpress Fuel Australia, Xpress Transport Solutions and Xpress Group Australia - Case Update

The liquidators of a major national fuel business have secured creditor support to obtain litigation funding to pursue unfair preference claims against other major fuel companies. Xpress Fuel Australia, Xpress Transport Solutions and Xpress Group Australia entered liquidation on 21 July. Rajiv Goyal, Ian Niccol and Andrew McEvoy of Aston Chace Group are currently the joint liquidators. Last week, the companies’ creditors met to consider a proposal by Ironbark to provide litigation funding to allow the liquidators to pursue allegedly unfair preferential payments in excess of $40m against major fuel companies. The liquidators are now well funded to undertake detailed investigations and bring proceedings for the benefit of creditors. The liquidators have been assisted by Noel McCoy and others at Norton Rose Fulbright, as well the companies’ receivers (Barry Kogan and Kathy Sozou of McGrathNicol) and previous administrator (Daniel Frisken of O’Brien Palmer). Their latest report can be found here.