Supreme Court accepts complex task made more difficult by range of challenges
WITS assets were eventually auctioned off as part of its liquidation
The Supreme Court of Victoria Commercial Court brings into sharp relief the cost of company failure as external administrators are approved remuneration of more than $320,000 for their work in winding-up Wadleys Interstate Transport Service (WITS) Holdings in 2019.
The case also sheds light on a messy ending for the 40-plus-year-old company, led by Brian Wadley and Ed Slade, which, in a 2017 interview,was still operating more than 40 trucks.
The administrators made the claim under the Insolvency Practice Schedule (IPS), which deems the court has an obligation to…