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Ferry for sale

19 Jun, 2008 05:17 PM
An administrator has been appointed to wind up KI Ferries (SA) and a receiver appointed to BPT Marine, all but ending hopes for a resurrection of the Kingscote-Wirrina ferry service in October.

KI Ferries announced earlier this month it would close over winter but would re-open in October with a new boat and improved ticketing and facilities.

The ferry MV Seaway - operated by KI Ferries and owned by BPT Marine – was advertised for sale in The Advertiser on Saturday by the receivers for BPT Marine, Ferrier Hodgson.

KI Ferries was put into liquidation after an application by SA Farmers Fuel, which is among several businesses owed money by the company.

National Australia Bank appointed a receiver to BPT Marine after a caveat was put over its boat and land holdings by Mark Hardy of Hardy Earthmovers on Kangaroo Island.

Neither KI Ferries operations manager Kirk Gibbons or corporate administration manager Tony Wiedeman were answering their phones this week.

Calls to the KI Ferries number were advised to call the administrator at KordaMentha.

David Kidman of Ferrier Hodgson said this week there had been about 10 inquiries regarding the sale of the MV Seaway.

“We’ll reach out to the international market to sell the boat,” Mr Kidman said.

He said the known assets of BPT Marine were the ferry and a $500,000 outstanding invoice to KI Ferries for lease fees of the MV Seaway.

National Australia Bank was the only secured creditor but other caveats against the company would be investigated, pending a full report of the company’s accounts and legal advice.

Mr Kidman said he was acting on behalf of NAB and once its money had been recovered, any surplus could be refunded to BPT Marine unless another creditor applied to the courts to have the company would up. The directors of BPT Marine are Peter Jackson and his wife Tracey.

Because the two companies are separate, no money would flow from BPT Marine to satisfy the debts of KI Ferries.

The administrator for KI Ferries did not respond to phone calls from The Islander this week.

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