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Billionaire-owned logistics giant ACFS collapses into administration
ACFS Port Logistics, the container logistics empire run by the billionaire Tzaneros family, has fallen into administration despite promises to repay a string of creditors including the Australian Taxation Office.
ACFS, which moves stock from ports around the country for companies including Coles and Wesfarmers’ Bunnings and Kmart chains, was put into administration by ScotPac, a specialist business lender, on Thursday.
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External administrator appointed for ACFS Port Logistics
The development follows a number of applications to wind up the business including by the Australian Taxation Office (ATO).
Speaking to Daily Cargo News, managing director Arthur Tzaneros said they were “still looking at paying the ATO in full”, albeit they were seeking clarification on what was required to have the administrator removed.
An ASIC notice confirming ACFS Port Logistics is in external administration. Image: ASIC
“We have got the funds to pay the ATO, so we then have to go back to the funder and say… ‘what is your position’?
“It is frustrating because we have the funds and the approvals to replace the current funder, but the current funder wasn’t willing to wait.”
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