Administrators of Sydney-based car buying platform Carconnect have advised creditors of their intention to adjourn the forthcoming creditor meeting to allow more time to complete a sale of the business.
RSM Australia Partners Jonathon Colbran and Brett Lord told creditors they are actively evaluating expressions of interest received and expect further offers before the scheduled meeting on 2 April 2026.
“Since our appointment, we’ve launched a comprehensive sale campaign to explore the sale of the business assets,” Colbran said.
“We appreciate that everyone involved would like a speedy resolution to the situation and we are working as fast as practicable.”
The administrators’ initial investigations found the company had liabilities exceeding $20 million, with significant numbers of customers and dealerships affected by the collapse.
A total of 181 customers had paid deposits while a further 23 buyers had paid in full and were awaiting delivery of their vehicle. Approximately 300 customers had submitted orders for new cars but had not yet paid deposits.
Additionally, 161 dealerships had released motor vehicles to purchasers but had not yet been paid by Carconnect.
“It’s our current view that an adjournment of the next creditor meeting is necessary to allow us to finalise a sale process and confirm the best possible path forward for creditors and stakeholders,” Colbran said.
Colbran and Lord were appointed as joint and several voluntary administrators on 26 February 2026.
“We understand that the significant impact that this closure has had on all stakeholders and particularly customers and dealers affected, and we hope to achieve a positive outcome through the sale of business process,” Colbran said.
RSM Australia has established dedicated contact points for affected parties. Creditors can contact Creditors.CarConnect@rsm.com.au, dealerships can use Dealerships.CarConnect@rsm.com.au, employees can contact Employees.CarConnect@rsm.com.au, and customers can reach Customers.CarConnect@rsm.com.au.
General enquiries can be directed to (03) 9286 8202.
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