Court approves liquidators to control ‘$5m debt’

A Kalgoorlie-Boulder engineering company is believed to owe about $5.2 million to 195 creditors, with a Supreme Court ruling gaving its liquidators the power to sell assets.

Goldeagle Nominees was the trustee for the Wilmot Family Trust and carried on business as Wilmot Engineering until it was placed in liquidation in October.

In a decision delivered yesterday, the Supreme Court of Western Australia's Justice Jennifer Hill appointed liquidators Kim Wallman and Greg Quin, of HLB Mann Judd, as receivers and managers of the trust’s assets.

“On the basis of the liquidators’ investigations to date, Mr Quin believes there are 195 known creditors, totalling $5,217,568.67,” Justice Hill said.

She said Goldeagle was automatically removed as trustee of the Wilmot Family Trust when liquidators were appointed.

“As a consequence, Goldeagle is now a bare trustee of the trust's assets and does not have the power to sell or otherwise deal with the assets of the trust,” Justice Hill said.

“In these circumstances, I accept there are advantages with the proposal that the plaintiffs as liquidators be appointed as receivers and managers of the trust.

“This includes, without limitation, the power to do all things necessary and convenient to secure the assets of the trust.”

The judgment said Australian Securities and Investments Commission data shows Goldeagle was incorporated in February 1998 and lists Graeme Wilmot as its sole director, company secretary and shareholder.

A related Supreme Court document shows Mr Quin and Mr Wallman are authorised to take possession of, preserve, maintain, transfer sell or dispose, the assets that comprises the trust property.