On 23 December 2013

Nathan Deppeler and Paul Burness of Worrells Solvency & Forensic Accountants were appointed Voluntary Liquidators by the members of the Eaglehawk Golf Club Inc. (Eaglehawk) on 10 December 2013.

The appointment was brought about after several failed attempts to merge the club with other local clubs. Nathan Deppeler said that the club was working with very little cashflow and subsequently could not sustain the debts being accrued by the club or fund continued operation.

“The members of Eaglehawk must be commended by their tireless efforts to negotiate alternative sources of capital and exploring different solutions available to the club.”

Mr. Deppeler said that there is no doubt that it was a very difficult decision to make.

“It is early days in this liquidation; however preliminary investigations indicate that there are sufficient assets to pay all creditors in full. Further, it is anticipated there will be a surplus that would be distributed to a like organization(s) in the Bendigo area.”

Worrells Solvency and Forensic Accountants handle a significant amount of administrations in the greater Victorian region annually and across QLD, NSW and ACT see tens of thousands of insolvency appointments across numerous industries and business models. Worrells observe that they don’t often see membership associations go into liquidation, particularly golf courses and appreciate how these decisions affect members and the community at large.

The Liquidators through their office in Bendigo look forward to assisting the Eaglehawk community to achieve the best possible outcome for all concerned.

– ENDS –

Interviews:

Nathan Deppeler – 0409 547 432

Paul Burness – 0417 031 831

 

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