On 4 December 2020, Ivan Glavas and Nathan Deppeler of Worrells Solvency and Forensic Accountants were appointed voluntary administrators of Old Port Road Pty Ltd (Old Port). Concurrently, Ivan Glavas was appointed as liquidator of Bradanna Pty Ltd (Bradanna) trading as the Port Albert Seabank Caravan Park.
The Port Albert Seabank Caravan Park dates back to 2002 and is located at 95 Old Port Road, Langsborough, a coastal town in Victoria. Set on 18 acres it has 130 large powered sites, on-site cabins, vans and units, camping, boating, amenities, facilities. Seven permanent residents call the caravan park home.
The insolvent position for both entities was escalated by the COVID-19 pandemic restrictions, where annual park holders and casuals were unable to access the park intermittently throughout this period. Compounding the effects from the trade restrictions was a building rectification order issued by the local council, which also prohibited caravan park operations unless the defects were rectified.
Mr Deppeler said, “Unfortunately, this forced the director and members to appoint external administrators to deal with the insolvent position of the Companies.
We are now in the process of seeking to sell the property and/or the business to hopefully give this beautiful property a new lease on life.”
There were no employees of either entity at the time of each insolvency appointment. The companies engaged contractors to assist in running the caravan park.
Worrells appreciates and understands the impact the appointment will have on all stakeholders and the community as a whole. Worrells advises the administration is in its infancy and its teams are working hard to assess and determine all aspects of the business position and operations.
Customers, creditors, and any parties interested in submitting an offer for the caravan park property and business and/or its assets are invited to email firstname.lastname@example.org.
Proofs of debt can be lodged via the Worrells website www.worrells.net.au.
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 of Old Port will vote on the future of the organisation.
Worrells has 32 offices and 26 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.
Partner, Bendigo & Ballarat