Belgotex Fabrics Pty Ltd – Acacia Ridge Queensland
Liquidation of Assets
Adamant International in partnership with Rebus International were contacted by the managing Director of Belgotex Fabrics, to assist the company to liquidate the mobile assets (Plant and machinery) and yarn and fabric stocks, as the business had become unsustainable financially.
Belgotex Fabrics was an Australian manufacturer of upholstery and drapery products for domestic and commercial applications and based in Acacia Ridge Queensland. The Plant and Equipment included a significant weaving plant consisting of 38 Jacquard Rapier Weaving machines and 1 Dobby Rapier Loom service by a Sectional Warper and Sample Warper and the usual operating accessories. The Finishing Plant consisted of Regianni wide width Stenter, Tumble Drier and Boiler, Digital Printer and Monti Heat Transfer Calendar, a variety of Fabric Inspection equipment, automated fabric roll wrapping and labelling as well as a significant amount of pallet racking. Four Exhaust stacks penetrating the roof line were also removed.
There was a deadline to sell the plant and equipment and then clear the site by 30 June 2023, to facilitate the sale and settlement of the property. It was already determined by the Belgotex Board and executives, that Weaving production would cease on 21 December 2023 and the Finishing production would cease by 28 February 2022, having cleared open customer orders.
Sales contracts with 2 sperate buyers were in place by December 2022 and dismantling of the Weaving plant commenced 3 January 2023 with a crew of 8 Belgotex employees. The final shipment was dispatched on 28 May 2023 and the site cleared by 30 June 2023.