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Insolvency Triggers New Zealand’s Largest Auction Of Commercial Plant And Equipment
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-19 has seen continued shortages of resources across all industries. We know there is built-up demand for this kind of plant, and while we expect to see some interested parties from within New Zealand, we 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.
“By offering a wide range of machinery for buyers to inspect onsite at our new facility as well as bid online, we are making it easier than ever for sellers to reach a large pool of potential buyers and get the best possible value for their assets,” says Dom McGlinchey, regional sales manager at Ritchie Bros.
For support with registration and bidding, interested parties can contact Ritchie Bros. on 0800-722-828 or international number at +61-7-3382-4444.
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