Peregian Springs News Inform know grow Vol 1. Issue 10
July 2016
0422 215 648
Decision time nears for Club GOLF Club members, shareholders and interested members of the Peregian Springs community will have to wait until late-July to hear the Administrator’s full report on the Club’s affairs and recommendations for creditors. Around 200 people packed into the Peregian Springs Golf Course Clubhouse for the first Golf Club creditors meeting on July 1 and heard Administrator, Gavin Morton of Morton Solvency Accountants in Brisbane, outline his preliminary findings on Club affairs, indicating it’s business as usual for the Club while his investigations are progressed. Peregian Springs Golf Club Ltd the entity operating the Clubhouse and restaurant was placed into voluntary administration on June 21 by the Club’s board fearing the Club would not be able to pay its debts as and when they fell due and Mr Morton was placed in charge of the Club’s business operations. The Administrator told creditors the aim of voluntary administration is to allow the Company's affairs to be administered to assist “the best possible return to creditors”. Assets were reportedly discussed at the July 1 meeting with observers indicating the Administrator told the crowd the assets mainly included stock in trade at the Clubhouse and restaurant and some machinery with
ownership of the golf carts still being investigated. Creditors were identified as employees, finance companies, secured and trade creditors, and members who have prepaid subscriptions in a letter from the Administrator dated June 26. However those members paying the special $1000 set by the Club’s former board, before the Club went into administration (reportedly around 250), were not considered to be creditors because they’d get that $1000 back if the Development applications to rezone parts of golf course land from recreation to residential,… Continued page 2.
Peregian Springs News, July 2016.