Court hearing scheduled for March 15
By Bert Lehman
Utility Tool & Trailer, Inc and InfinitiMetals LLC of Clintonville have filed a petition for voluntary receivership.
They filed the petitions in Waupaca County Circuit Court Monday, March 7.
That same day, the two companies also filed a motion to jointly administer Utility Tool & Trailer and InfinitiMetals as one case.
One of the reasons for the request was, “The companies are structured as follows: Utility owns all of the membership units of InfinitiMetals. InfinitiMetals is the operating entity which holds title to most, if not all, of the operating assets, excluding real estate that either business entity uses in its day-to-day operations.”
The motion also stated it would be “good business sense to hold proceedings in one court, before one judge, who will become familiar with the facts and circumstances surrounding the cases, as opposed to separate proceedings before two judges.”
According to the petition for voluntary receivership, Utility Tool & Trailer is unable to pay its debts that are due, and is requesting to use the property of the business to service those debts.
The petition also lists First National Bank of Waupaca as the first priority security interest. It also states Utility Tool & Trailer says the value of its assets is less than the amount due to First National Bank.
The business also has purchase-money security interests in favor of other lenders, which allows them to repossess goods that were bought with funds borrowed from them.
The company stated in the petition that the best way to serve its creditors is with a liquidation of the company’s assets. It requested William B. Everson to be appointed the receiver.
Utility Tool & Trailer also requested “that the court appoint a receiver with broad powers of sale to liquidate the assets of the corporation and apply them to creditor claims and to perform whatever further services are appropriate under the circumstances.”
A hearing is scheduled before Vicki Clussman in the Waupaca County Courthouse in Waupaca on Tuesday, March 15 at 9 a.m.
Utility Tool & Trailer referred all questions to its attorney. The Clintonville Tribune-Gazette left a message with their attorney.