NAB<\/a>, Judo Bank and ScotPac, the administrators\u2019 report revealed.\u00a0<\/p>\nAn additional $12.4million is owed to unsecured creditors.<\/p>\n
The massive debt could rise even higher, with multiple injury compensation claims lodged by staff yet to be processed by insurers, the administrators noted.<\/p>\n
How much money can be raised to pay off creditors was still being assessed, the report added.<\/p>\n
The company’s website and social media accounts remain online with no mention of its collapse.\u00a0<\/p>\n
‘We\u2019re here to disrupt the status quo and think harder and act smarter for our clients and their businesses,’ the website states.<\/p>\n
Many clients remain in limbo, not knowing if their orders will be fulfilled.<\/p>\n
‘This is a disaster. We have outstanding customer orders, and now they’re stuck in limbo,’ a disgruntled client told Daily Mail in June.\u00a0<\/p>\n
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XL Express has collapsed owing\u00a0more than $40million<\/p>\n
XL’s demise follows just weeks after the collapse of another truck company Don Watson Transport.\u00a0<\/p>\n
After running for more than 77 years, it ceased operating in June.\u00a0<\/p>\n
The trucking industry has been under pressure in recent years due to an increase in fuel prices, combined with labour shortages and increased government regulation.\u00a0<\/p>\n
Scott’s Refrigerated Logistics also collapsed in 2023, as did Austrans Container Services in 2024.<\/p>\n
Managing Partner of WA Insolvency Solutions, Jimmy Trpcevski, said he’s seen an increase in insolvency appointments and inquiries from transport operators.<\/p>\n
![\"Founded](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/08\/100991301-14977921-image-a-21_1754527590470.jpg\")
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Founded in 1990, the company operated along Australia’s east coast<\/p>\n
‘Businesses are being squeezed from every direction, whether that’s rising costs, labour shortages, or compliance pressures. Margins are incredibly thin,’ he said.<\/p>\n
Financial year 2024-2025 was the worst on record for insolvencies, with 14,105 businesses going under,\u00a0up 26.8 per cent from the last financial year.\u00a0<\/p>\n
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![\"XL](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/08\/99958653-14870965-XL_Express_entered_voluntary_administration_after_operating_for_-m-8_1751543352102.jpeg\")
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