Gold bullion trader wound up after funding case fails

Richard Albarran, Cameron Shaw and Aaron Dominish of Hall Chadwick were appointed liquidators of World Digital Gold Bullion Pty Ltd on 24 June 2026, on application by creditor AWD Alliance.

The company had failed to comply with a statutory demand by AWD and was presumed insolvent. It had about $61,000 in cash and liabilities of approximately $1.03 million excluding related-party debt, while its solvency case depended on access to $1.50 million remaining under a $2 million facility from US affiliate Quantum Metal Recovery Inc.

Associate Justice Steffensen accepted that the facility was binding and, if funded, would have exceeded the company’s external liabilities. The problem was that QMRI’s ability to advance the money depended on financing secured against shares in ASX-listed Besra Gold Inc.

The Court found insufficient evidence that QMRI’s financiers, High West Capital Partners and Brookland Group & Partners, had the capacity or willingness to provide further funding. High West had said it reached its funding limit in 2025, Brookland had made no advances, and earlier loan proceeds had been paid to another Quantum Metal group entity in Malaysia rather than QMRI.

The Court also refused to delay the winding up so the company could pursue Federal Court claims disputing debts owed to the applicant and supporting creditors. Those proceedings were at an early stage, and the liquidators can now decide whether continuing them would benefit creditors.

Read the decision here.

Christie Jones and Robert James Lawyers acted for AWD Alliance, while Harry Hill-Smith and HWL Ebsworth Lawyers acted for World Digital Gold Bullion.