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W. E. Smith sells name and goes into liquidation

LIQUIDATED: W.E. Smith sold its name and was placed in voluntary liquidation last weel.
LIQUIDATED: W.E. Smith sold its name and was placed in voluntary liquidation last weel. Trevor Veale

LAST night workers of W.E. Smith were notified the company had been placed in voluntary liquidation.

This followed delays in pay, superannuation and company signs changed in front of the factory last week.

The W.E. Smith logo was painted over and gates to factory locked. January 25, 2017.
The W.E. Smith logo was painted over and gates to factory locked. January 25, 2017. Keagan Elder

W.E. Smith CEO William Van Vliet notified employees via email of the update on Sunday evening.

"Late Friday I was informed of a Shareholder Resolution and instructed to put the company in Voluntary Liquidation,” he wrote.

Mr Van Vliet said all wages and superannuation had been paid.

He said W.E. Smith Diversified Pty Ltd had changed its name to Eguana Holdings Pty Ltd as a "fund raising exercise”.

W.E. Smith quality assurance and quality control manager Lucas Boogaard said the sale of the business name helped pay off wages.

He said a new tenant, a holding company, had moved into the Boambee factory.

Workers with tools in the Hamilton Dr factory could pick them up by appointment.

Mr Boogaard said there were a few projects left in the workshop which were close to being finished that were now in the hands of the liquidators to negotiate with clients a price to have to projects moved out of the factory.

Australian Manufacturing Workers' Union state organiser Todd Nickle confirmed all wages and superannuation had been paid.

"(Managers) came out here and handed out physical pay cheques,” Mr Nickle said.

He said workers were now just owed leave entitlements which would be settled as part of the redundancy process.

Topics:  australian manufacturing workers' union coffs coast business w.e. smith



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