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Gold Coast Club Puts The Record Straight

  2 November 2012

An official update from the Gold Coast Kart Club

"The Gold Coast Kart Club voted by absolute majority of its members on the 19th of September 2012 to transfer the assets of the Gold Coast Kart Club Incorporated to the Gold Coast Kart Club Limited which is an not for profit Company Limited by Guarantee which was formed on the 19th of September 2011 upon instruction of the majority of it's members. The Gold Coast Kart Club incorporated is in SOLVENT liquidation which should be finalized in the next few weeks.

Approximately 5 years ago the Gold Coast Kart Club facilities at Coomera were resumed by the state government to build a school. The proceeds of this resumption was gifted to a trust specifically set up to handle the asset. The Gold Coast Kart Club Limited is the sole beneficiary of the Trust.

The Trust Company GCKC Pty Ltd has been actively pursuing property for almost 5 years. To buy property is easy but it is council infrastructure charges and environmental issues which dictate the situation. The Directors of the Trust Company have investigated over 200 suitable properties but all have ended in a dead end due to any one or both of the preceding factors.

The Directors are currently in discussion with a property owner on the Gold Coast.  As usual we approach this with optimism.The facility plans are being designed by APEX track design in England and will be aroun 70 acres in size when complete.

We beleive the club is the first in Australia to become a Company under the Corporations act 2001 ensureing absolute transparency in financial dealings and more important accountability which carries heavy penalties inder the 2001 act."