05.08.2013

Elite cranes faces insolvency

Australian crane rental company Elite Cranes, is facing a liquidation hearing over the non-payment of a debt.

Last October a magistrates court ruled that the Brooklyn, Melbourne based company should settle a $67,057 debt with APAC Cranes which is currently in administration with interest. More recently the supreme court ordered Elite to pay the debt by August 7th or a liquidator will be appointed to review the company’s records and determine what assets can be sold to pay off creditors.

Elite is owned by ex-boxer Mick Gatto and Matt Thomas and has been the subject of investigations into their underworld connections since 2010 See Melbourne crane owner investigated Gatto resigned at a director of the company at the end of last year, but retains his 50 percent holding in the business.
Please register to see all images

Mick Gatto

Gatto claims that the debt has “been sorted” and that a payment plan has been put in place and that other debts the company has will also be settled.
The administration of APAC Cranes is being handled by Philip Newman of PCI Partners, who has so far declined to comment on the debt.

Gatto is also fighting a $10 million tax bill with the Australian Tax Office.