Source: MakeLemonade.nz
Tāmaki Makaurau – The largest insolvency-triggered auction of commercial earthmoving and civil construction equipment in New Zealand will take place next month.
More than 350 items belonging to AH Construction Services, an Auckland-based company specialising in site preparation for commercial builds, will go under the hammer on April 13 to pay creditors.
AH Construction Services entered voluntary administration on February 5 with BWA Insolvency appointed administrator.
The administrator says that the company has not been compliant with its obligation to Inland Revenue for many years and given the scale of the business the sum owed has brought the company to its knees.
BWA Insolvency principal Bryan Williams, who has ordered the sale of assets, says the auction will be the largest sale of plant and equipment of this type in New Zealand since Covid disrupted original equipment manufacturer (OEM) supply chains.
Items up for auction include a wide range of late-model earthmoving, transport, and civil construction equipment. Williams expects to see a high level of interest.
The war in Ukraine and the ongoing impact from covid has seen continued shortages of resources across all industries.
BWA knows there is built-up demand for this kind of plant and while they expect to see some interested parties from within New Zealand, they anticipate high interest will exist among offshore bidders.
Assets have been consigned to online auction platform Ritchie Bros. IronPlanet, with bidding open until the auction ends on April 13. The event will be the first auction to be held at Ritchie Bros’ Auckland yard, its first permanent site in New Zealand.
BWA Insolvency is a leading insolvency firm that supports New Zealand businesses through liquidations, receiverships and voluntary administrations (VA), specialising in VA in particular.
Founder Bryan Williams has 30 years’ experience in the industry and has recently become just the second person in New Zealand and one of 200 people worldwide to be named a Fellow of global insolvency organisation Insol International.
