The joint administrators of Windhoist ‘and others’ have asked Hilco Valuation Services to sell the company’s crane fleet by tender. However, the procedure has been surprisingly low-key, and the close date very short. See: Windhoist Insolvency.
The list of 18 - mostly large - cranes was, we assume, sent out to prospective buyers sometime during the 14 or 15 days since the company entered administration. At the same time the closing date for tenders being submitted was yesterday afternoon - December 13th.
Most of the people in the crane industry that we have spoken to today were unaware of the sale or the tender, with some of them very interested in them. If we had not been tipped off this evening by a particular individual, we would have been totally unaware of it.
The “Catalogue” come “Tender document” is below:
While the tender has apparently closed already it might still be possible to get in a late bid?
If you are a creditor you may well have a question or two to ask?
The administrators usually have a duty to the company's creditors to obtain the very best prices possible for any assets that are in the failed company. Which in cases like this would normally involve broadcasting the details of a sale as widely as possible, to help ensure that the maximum number of people make offers and the best prices are obtained.
Unless of course other issues are involved.
Most likely related parties tried to buy their assets below liquidation value.
This sale has gone completely under the radar considering the significant sums involved in these machines. Certainly not the way to maximise the value of some very sort after cranes in my opinion.