By DENNIS AMOR

CREDITORS have voted to liquidate failed Geist caravans importer Oakhurst International Caravans.

They met at the Brisbane offices of Vincents Chartered Accountants and decided there was no point in attempting to save the troubled Queensland-based company, which called in administrators after running up debts of more than $9 million.

Oakhurst International Caravans also traded under the names Fraser Coast Caravans, Geist Caravans and Motorhomes, Geist Vehicle Leisure Australia, Geist Vehicle Leisure, Geist Leisure Centre, Geist Direct and Geist For Life.

Vincents' directors Peter Dinoris and Nick Combis are now liquidators after creditors resolved to wind-up the company.

Oakhurst distributed imported Geist motorhomes and caravans from premises at Tinana South and St Helens in Queensland and Gosford West in New South Wales.

The Moller family, who was behind the once successful business, began importing Geist caravans about six years ago.

With just $10,000 in the bank and an $80,000 overdraft they shipped in the German caravans to their Nerada Road premises in Maryborough and set about adapting them to the tough Australian conditions.

Geist quickly became the most popular European caravan on our roads, winning a swag of awards.

But the company was not able to survive the current global economic downturn and finally threw in the towel on March 13 ... Black Friday.

In a statement, Mr Dinoris said Maryborough-based Oakhurst International Caravans owed approximately 130 ordinary unsecured creditors more than $5 million.

Caravanning News understands another $4 million is owing to secured creditor GE Commercial Corporation.

Mr Dinoris said Oakhurst directors had reported a significant decline in caravan sales due to the prevailing economic climate.

"The company was flooded with stock from the overseas supplier that could not be sold in a timely manner, while some stock had to be sold at cost to help meet general trading expenses," he said.

Parts, stock and other equipment from Oakhurst's Queensland premises will be auctioned through AuctionsRus in Brisbane on May 7. Equipment and stock from the Gosford premises have already been sold at auction.

Mr Dinoris said the prospects of a dividend to ordinary unsecured creditors "appears low based on the information presently available".

"The liquidators will proceed to realise the balance of the floating assets of the company and investigate its affairs and transactions," he said. "The liquidation is likely to run for around 12 months, at which time a definite statement can be made regarding dividend prospects."

Meanwhile, Geist owners have been told by some repair agents that warranty work will not be undertaken on their caravans.

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