Lighting technology company Vailo placed in receivership

South Australian-based LED lighting and technology company Vailo has been placed in receivership reportedly as a result of a default on repayments to a major bank.

Documents filed with the Australian Securities and Investments Commission (ASIC) on Thursday show that a receiver has been appointed to the company owned by entrepreneur Aaron Hickmann.

ASIC records how that the National Australia Bank called in external administrator KordaMentha on Thursday.

KordaMentha is understood to be seeking to secure and take control of Vailo’s assetsto have the debt repaid rather that take on its operations at the present time.

The amount of the outstanding debt is not known.

Hickmann, who founded Vailo in Adelaide but is now based in Queensland, has according Adelaide’s The Advertiser, been accused of failing to pay other business invoices, loans and tax debts on time.

Operating in the highly competitive sports lighting market, Vailo has taken on a series of high profile sponsorships in recent years including being the naming rights sponsor for the Adelaide 500 Supercars race since it was revived by the South Australian Government in 2022.

Australasian Leisure Management Publisher Nigel Benton has suggested that the sponsorship for the race is unlikely to continue noting that “with the race not being held until November, the South Australian Government has several months to find a new naming rights sponsor.”

Image: Vailo installation at Adelaide's Norwood Oval. Credit: Vailo.