The Dubbo Railway Bowling Club Ltd, trading as Sporties Dubbo (the Club), entered into voluntary administration on 15 November 2018. Aaron Lucan and Graeme Beattie, Partners of Worrells Solvency and Forensic Accountants NSW & ACT, were appointed as the administrators.
At the second meeting of creditors, held at 12:00pm on 27 February 2019, the creditors of the Club voted to put the Club into Liquidation rather than adopt the Deed of Company Arrangement proposed by the Club’s Directors.
Both options available to creditors required the Club to close and for its assets to be sold to meet creditor claims. Accordingly, the Club ceased trading at close of business on Saturday, 23 February 2019.
The Club had 15 employees at the time of appointment of the Administrators on 15 November 2018. All staff have now been made redundant due to insolvency of their employer. Employee entitlements accruing during the administration have been paid and the entitlements that accrued prior to our appointment will be referred to the federal government’s Fair Entitlements Guarantee scheme. It is anticipated that superannuation (which is not covered by the Fair Entitlements Guarantee) will be paid in full when a dividend is paid to creditors from realisation of the Club’s assets.
Worrells Partner, Aaron Lucan stated:
“Unfortunately, despite lengthy negotiations with a number of interested clubs, we were unable to reach an agreement with an amalgamation partner who had the resources to enable to Club to rectify its financial difficulties and continue to trade.
In the circumstances, the liquidation of the Club offers the best chance for a significant return to creditors.”
Worrells will now commence a sale program for the assets of the Club, including its real property, plant and equipment and gaming machine entitlements.
For more information or to make an enquiry, the Worrells Central West office is contactable on 02 8844 1200 or firstname.lastname@example.org.
For more information about the liquidation process, please refer to the fact sheet Worrells’ Website using the following URL: https://worrells.net.au/factsheets-insolvency-insights/#faq-1101
Worrells has 27 offices 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 45 years.
Partner, Worrells Western Sydney