Sydney, AUSTRALIA – National transport and logistics company XL Express has been forced into liquidation, leaving approximately 200 employees without jobs and owing almost $42 million in debts.
Founded in 1990, the Brisbane-based trucking company operated across Australia, with depots and facilities in major cities including Brisbane, Sydney, Melbourne, Adelaide, Perth, and Darwin, as well as regional locations.
According to a report by administrators FTI Consulting, XL Express owes a total of $41.9 million in debts, including $5.3 million to employees and $3.4 million to the Australian Taxation Office.
The company also owes an estimated $18.9 million to lenders such as NAB, ScotPac, and Judo Bank, as well as $12.4 million to unsecured creditors.
Prior to the liquidation, the company had engaged with Manheim Auctioneers to begin the process of liquidating its fleet of vehicles.
The administrators’ report noted that XL Express had been experiencing cash flow difficulties since January 2023, incurring losses in FY23, FY24, and March YTD FY25.
The Australian Securities and Investments Commission issued a notice of deemed special resolution to wind up XL Express and its 17 associated companies on August 4.
This development comes a month after Don Watson Group, operating as Don Watson Transport and Coldstores, shut down after 77 years, also citing current economic conditions.
The collapse of XL Express serves as a stark reminder of the challenges faced by the transport industry.
The public is urged to remain vigilant and seek assistance from relevant authorities if affected by the company’s liquidation.
For more information, contact the Australian Securities and Investments Commission or FTI Consulting.