Worrells Solvency and Forensic Accountants partners, Morgan Lane, and Michael Griffin, were appointed by the court, as liquidators of the Indooroopilly Bowls Club Inc on 9 October 2014.
Upon appointment, Worrells was tasked with unfortunately ceasing trade at the club, and therefore ending employment, and memberships, due to the club’s financial position.
In January 2015, Worrells ran an Expressions of Interest campaign, for the sale of the club. The agents for the sale, Knight Frank, marketed the sale with its current use approvals, liquor licence, and gaming machine licence for 16 poker machines.
After an extensive marketing campaign, Worrells accepted the highest offer to purchase the assets of the Indooroopilly Bowls Club Inc. (in liquidation), comprising the land, greens, plant and equipment, and furniture and fixtures of the club house. This offer is currently the subject of a contract. Worrells understand that the intention of the purchaser is to develop the site to a childcare centre.
The contract of sale is subject to both Brisbane City Council and Body Corporate approval. Worrells lodged the application with the Brisbane City Council at the request of the purchaser, pursuant to the conditions of the contract.
Settlement of the contract is pending.
Worrells appreciates the community’s interest, the impact on the adjacent residents, and owners in the Body Corporate for Ciana CTS 39483. However, Worrells has a commercial duty to maximise the sale value of the assets of the club for the benefit of all stakeholders.
There were employees of the club that had outstanding employee entitlements. Worrells provided all employees with details of the Government’s ‘Fair Entitlements Guarantee’ Scheme and urged all employees to lodge claims now, as opposed to waiting until completion of the contract. Worrells has assisted and facilitated payments for eight employees to date.
Michael Griffin, Partner
0418 880 084
07 3225 4360