XL Express Enters Liquidation After 35 Years
The national transport and logistics firm XL Express has officially gone into liquidation after operating for 35 years.
Following its collapse, the company faces nearly $42 million in estimated debts, which will leave around 200 employees without jobs.
Founded in 1990 and based in Brisbane, the trucking company serviced clients throughout Australia.
In late June, XL Express entered voluntary administration and appointed administrators Kelly-Anne Trenfield, Ross Blakely, and Joanne Dunn from FTI Consulting to conduct an urgent financial review.
As a consequence of the liquidation, all 200 employees were stood down, and on June 23, the premises situated in Western Sydney were locked due to unpaid rent, according to the administrators. The FTI Consulting report indicated that XL Express owed around $41.9 million in total debt, with $5.3 million owed to employees and $3.4 million owed to the Australian Taxation Office.
The report also highlighted that the company is in debt to lenders such as NAB, ScotPac, and Judo Bank for an estimated $18.9 million, along with around $12.4 million owed to other unsecured creditors. Additionally, administrators noted multiple injury compensation claims that are currently being processed by insurers.
Prior to the administration, XL Express had engaged Manheim Auctioneers to begin liquidating its vehicle fleet. The administrators’ report revealed ongoing cash flow challenges and expected losses across fiscal years 2023 and 2024, as well as in March for Year to Date 2025.
