GEELONG AND WESTERN VICTORIA: Scott Andersen and Nathan Deppeler, Partners at Worrells Solvency and Forensic Accountants Victoria were appointed Voluntary Administrators of Colac R.S.L Inc on 29 July 2020.
Colac R.S.L is an integral provider of welfare service to veterans in the local community whilst also operating restaurant, bar, function and gaming facilities.
On appointment, Mr Andersen said “while we are still in the initial stages of gathering books and records to commence our assessment, discussions with management indicate that COVID-19 has had a significant impact on the financial circumstances of The Association”.
“Recent circumstances arising because of COVID – 19 has meant we have temporarily closed the restaurant, bar, function and gaming facilities associated with the Colac R.S.L. All employees have been retained and are continuing to be paid via the JobKeeper scheme. In the meantime, all veteran welfare services remain accessible for returned service people in the community”.
“Worrells appreciates and understands the impact the appointment will have on The Association, its members, employees, service providers, customers, business partners and the local community. Worrells advises the administration is still in its infancy and its teams are working hard to assess and determine all aspects of The Associations operations.”
“We are aware of the vested interest the community of Colac, including local veterans, has in the future of the Colac R.S.L and are working on achieving a positive outcome for both business and community stakeholders via the voluntary administration process.”
Worrells notes that the objectives of the voluntary administration regime allow businesses to address issues, and if possible, with creditor approval return it to a healthy trading prospect.
Under the voluntary administration process, a first meeting of creditors is held within eight business days of the appointment, and a second meeting of creditors is usually held within 20 to 30 business days when creditors will determine the future for The Association. The first meeting of creditors has been scheduled to occur on 10 August 2020 and notice of the meeting has been issued to all creditors. Worrells will continue to proactively communicate with all affected parties at each step in the administration.
Worrells has 33 offices nationally and 29 partners, across Qld, NSW, ACT, Vic, SA, and WA. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for over 47 years; and has experience in administrations and company operations in the not for profit and hospitality industries.
Worrells Solvency & Forensic Accountants