A large New South Wales auto parts firm is to go into liquidation, it has been reported.
Drivetrain Systems International recently made more than 200 employees at its Albury factory redundant before slipping into insolvency, ABC News reported.
The process of finding a buyer has now begun and liquidators could potentially utilise an Ansarada secure virtual data room to exchange company accounts and quickly sell business assets.
A representative for the Australian Manufacturing Workers Union, Dave Smith, told ABC News: "There seems to be a fair amount of confidence that based on the amount of interest which they've had, a buyer will be found."
Mr Smith added that while it is not an ideal time for any company "to be in trouble", the fact it had found possible buyers indicated "how much people want the technology the company's developed".
Elsewhere in Australia, the east coast windows and doors supplier McEwans has fallen into the hands of liquidators, the Sunshine Coast Daily reported this week.
