About 1000 jobs are under threat in Sydney after national trucking company 1st Fleet went into administration.
Sydney administrator deVries Tayeh was appointed to oversee the day-to-day running of the company.
Joint administrator Riad Tayeh told AAP: “It’s run out of cash.”
“As you can see it’s a tough time in the economy, so we’re just trying to get a handle on the cash flow at the moment and trade it on and see what we can do with it,” Tayeh said.
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“We hope within the next two weeks we’ll be able to work out a direction,” he said.
Tayeh said efforts would be made to minimise job losses.
The company operates about 1000 trucks and was formed in 1988.