Maverick Campers, an Adelaide-based caravan manufacturer, has entered liquidation after a financier seized its entire inventory to recover outstanding debts. The company, operating under Fetch Business Solutions, faced mounting financial difficulties that led to the appointment of a liquidator late last week.

Joint liquidator Yulia Petrenko of Jirsch Sutherland reported that Maverick Campers’ debts are believed to exceed $6 million. The situation escalated following a dispute with the company’s floorplan finance provider. According to company director Matthew Winen, Maverick Campers defaulted on a payment of approximately $500,000, prompting the financier to repossess caravans valued at over $6 million, which had been held as security against the debt.

The seizure of stock forced the closure of Maverick Campers’ four dealerships located in South Australia, Queensland, Victoria, and Western Australia, resulting in layoffs for 27 employees. Winen expressed uncertainty over the company’s prospects for recovery, stating that efforts to resolve the situation remain ongoing but challenging.

Petrenko confirmed that the liquidators are investigating the validity of the secured creditor’s claim and possession of the stock. She emphasized that the removal of inventory created significant uncertainty, particularly regarding the company’s ability to fulfill existing customer orders. The liquidators’ immediate priority is to address the needs of affected customers and creditors, while seeking ways to preserve business value and maximize recoveries.

Winen indicated that negotiations were underway with the financier to restructure the approximately $500,000 debt, an arrangement he said could have saved the company. However, he claimed the creditor abruptly withdrew from these discussions last Wednesday, leaving Maverick Campers with no alternative but to enter liquidation.

At the time of closure, the company had 72 active orders, with just over half of those customers having paid deposits of less than 10 percent. The liquidation process is expected to focus on managing these customer commitments alongside other outstanding obligations.