Multiple insurers brought to us a claim arising from an imported container beetle infestation. The infestation would pose a thread to Australian Agriculture, and fumigation was required. Following fumigation, the retailers refused acceptance of the goods, resulting in insurance claims raised and paid by the insurers.
Hilco Global APAC was instructed to sell the stock to mitigate insurance losses.
This insurance claim was complex due to multiple insurers across various cross claims resulting from a single incident.
Assets included over 2000 TV, audio, IT and appliance consumers products.
Valuation of civil construction equipment performed in a matter of days. Hilco APAC made an offer to purchase the equipment outright, transacted within 48 hours.
Monetisation Solution determined was an unreserved auction on the Hilco Global APAC platform.
Expectation based on the asset profile was that the target market would be national, and as a result Hilco added on a delivery option for consumers, making the logistics complex on the project, but necessary to make the sale accessible to a wider audience.
National Media coverage was secured for this project, along with a supporting social media campaign. Prime time news coverage and media interest pieces helped propagate the message to the market.
With over 25 years of insurance salvage expertise, we felt very confident in the design of the solution to maximise the return for our clients here.
MICHAEL HAYES | COO | HEAD OF SALVAGE & WHOLESALE
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Michael is a director and founding shareholder of Hilco APAC. With over 25 years experience, he is a go-to person in auction and salvage disposal.
Mike has continued to work hard for retailers and insurance professionals, having the ability to see possibility in even the most bespoke asset classes.
Michael saw a gap in the market to provide a truly global offering across valuation, advisory and monetisation, leading to the formation of Hilco Global APAC.
