Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Creditors' Part Pay

Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Creditors' Part Pay

Article excerpt

CREDITORS of Club Coffs voted unanimously to approve a deed of company arrangement at yesterday's creditors' meeting, the second held by the administrators.

After payment to the club's major creditor, the National Australia Bank, which was a secured creditor owed $408,000, the club owes its remaining creditors about $1.1 million, which includes future employee entitlements.

The deed of arrangement outlined by administrators Morgan Chubb and David Morgan from Clout and Associates involves the sale of a number of properties owned by the club in West High Street and Gundagai Street.

It also means that creditors must be prepared to wait until December 2012 to receive the full amount they are owed but a possible part-payment could be made in six to eight months.

The board of directors put Club Coffs into voluntary administration on February 1.

At that time Club Coffs president Paul Griffin and CEO Carl Mower cited the withdrawal of lending facilities by the NAB; an expensive legal battle; general community hardship and a decrease in turnover throughout all areas of the club as the reasons for the move, which allowed the club to continue providing its usual services and facilities. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.