It has collapsed owing almost $42m in estimated debts, with about 200 employees to be left without jobs.

The Brisbane-based trucking company was founded in 1990 and operated across Australia.

The company was plunged into voluntary administration in late June and appointed administrators Kelly-Anne Trenfield, Ross Blakely and Joanne Dunn from FTI Consulting, who conducted an “urgent assessment” into its finances.

As part of the liquidation, its 200 employees were stood down and on June 23,the premises in Western Sydney were locked due to unpaid rent, the administrators said.

The FTI Consulting report said the logistics company owed up to $41.9m in total debts, with $5.3m owed to employees and $3.4m to the Australian Taxation Office.

XL Express also owes an estimated $18.9m to lenders including NAB, ScotPac and Judo Bank.

The report said an estimated $12.4m was also owed to other unsecured creditors.

Multiple injury compensation claims that are being processed by insurers were also noted by administrators.

Prior to the logistics company appointing administrators, it engaged with Manheim Auctioneers to begin the process of liquidating its fleet of vehicles.

According to the administrator’s report, XL Express’ forecast from January 2023 indicated “ongoing cash flow difficulties”, incurring losses in FY23, FY24 – excluding abnormal items and revaluation of its assets – and March YTD FY25.

On August 4, the Australian Securities and Investments Commission issued a notice of deemed special resolution to wind up XL Express and its 17 associated companies.

XL Express operated depots and facility locations in Brisbane, Sydney, Melbourne, Adelaide, Perth and Darwin, as well as regional depots in Cairns, Townsville, Mackay and Newcastle.

The collapse of the logistics company comes a month after Don Watson Group, operating as Don Watson Transport and Coldstores, shut up shop after 77 years.

In a statement shared to employees on June 5, the refrigeration logistics company collapsed due to the “current economic conditions”, with the final delivery made on June 9.

Speaking to Big Rigs, chief executive and third-generation owner Lyndon Watson said the company’s fleet of 140 trucks and 170 trailer trucks would be sold in an “orderly fashion”.

Its 300 employees were also axed, though Mr Watson said they would be paid “their notice period, entitlements and redundancy”.

“The transport industry has been great to us and we do really appreciate this opportunity to be able to turn it off and cease operations in a way that will ensure everyone is squared up nicely, and it’s done in a nice way,” he told the outlet.

NewsWire has contacted XL Express for comment.