On 27 August 2016

On 26 August 2016 the board of the Frankston Football Club Inc resolved to appoint Paul Burness and Con Kokkinos of Worrells Solvency & Forensic Accountants as Voluntary Administrators.

The Frankston Football Club’s history dates back to 1887 and the club currently has a team known as the ‘Frankston Dolphins’ competing in the Victorian Football League (VFL).

The administrators intend to work with the existing board, the club’s members, the AFL, and other interested parties to explore all potential resolutions for the club’s current financial position.

At this early stage of the administration, Worrells is unable to provide any comment on the reason for the club’s insolvency. Investigations into those matters are underway and a report to creditors will be issued in due course.

Under a Voluntary Administration the first meeting of creditors is held within eight business days of the appointment and the second meeting of creditors is usually held within 20 to 30 business days after the appointment. It is at the second meeting that creditors will determine the future of the club.

Worrells appreciates the impact the appointment will have on the club and the community and will continue to proactively communicate with all affected parties. The objectives of the Voluntary Administration regime will assist to bring about the best possible outcome for the club and creditors.

Worrells can confirm that this weekend’s games will continue as normal.

Queries regarding this appointment can be made to Paul Burness, Worrells Partner Melbourne, on (03) 9613 5500 or melbourne@worrells.net.au.

—ENDS—

Paul Burness

Paul Burness is a Certified Practising Accountant, an Official Liquidator a Registered Trustee in Bankruptcy, and a Certified Fraud Examiner. He is also a member of the Australian Restructuring Insolvency & Turnaround Association. Paul has considerable experience in all forms of Corporate and Personal Insolvency and Reconstruction, specialising in insolvency since graduating. Paul is the managing partner of the Melbourne firm.
T: (03) 9613 5510 E: paul.burness@worrells.net.au

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