THE QUEANBEYAN BOWLING CLUB LTD (SUBJECT TO DEED OF COMPANY ARRANGEMENT) (“THE CLUB”) ACN: 001 028 137 • The Club entered Voluntary Administration on 29 September 2014. • A second meeting of the Club’s creditors was held on 3 November 2014 where it was resolved that the Club’s directors execute the proposed Deed of Company Arrangement (“DOCA”). • The continuing focus of the Deed Administrators is to pursue an amalgamation with another registered club on sound commercial and operational terms. Two registered clubs have expressed interest at this stage. • Additionally, the DOCA provides for the Deed Administrators to implement various other restructuring alternatives, if required, to enable a return of 100 cents in the dollar to creditors within a 2 year timeframe. • The residential property located at 107 Campbell Street, Queanbeyan will be offered for sale by auction at 1pm on Saturday, 29 November 2014. All enquiries relating to the residential property should be directed to Michael Dyer of LJ Hooker Queanbeyan on 0438 174 400. • The DOCA provides that the Deed Administrators shall have control, management, supervision and administration of such of the Club’s business, property and affairs as is in the opinion of the Deed Administrators required by them to obtain the objects of the Deed. • The DOCA provides for control to be returned to the directors for bowling from the Club’s Farrer Place facilities and limited bar trading, subject to such arrangements being first agreed with the Deed Administrators and appropriate budgetary, regulatory and work health and safety safeguards being implemented. This will include the ongoing assistance of volunteers. • The DOCA also allows for the Deed Administrators, if considered appropriate, to change the composition of the board and to develop a skills based board which comprises adequate business, governance, legal and operational expertise to guide the operations and strategic management of the Club in the future.
Posted on: Wed, 05 Nov 2014 02:19:09 +0000