On 11 January 2017, the board of the CQ Leagues Club Limited appointed Morgan Lane and Paul Nogueira of Worrells Solvency & Forensic Accountants as voluntary administrators.
The CQ Leagues Club (Club) was formed in 2009 in support of the bid to host a National Rugby League team in Central Queensland. Its licensed premises at 1 Lion Creek Road, Rockhampton employed 25 staff locally.
The Club ceased trading on 10 January 2017.
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.
In 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 after the appointment. It is at the second meeting that creditors will determine the Club’s future.
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.
Any event bookings at the Club will be handled through the creditor proof of debt process.
Worrells has 25 offices nationally, across Qld, NSW, ACT, Vic, SA, and WA. Worrells has provided solvency management, insolvency administration, and forensic investigation services for over 40 years. Its wide experience includes working with various club business structures and has successfully negotiated several Deed of Company Arrangements that allow management to be returned to club boards with the best return available to creditors.
—ENDS—
Contact:
Michael Beck, Manager
Worrells Rockhampton
07 4922 9118 / michael.beck@worrells.net.au