Celebrating the re-opening are, from left, club chairman Martin Colbert, creditor Bob Dudgeon, member Brian Mackney, employee Caroline Nolan and solicitor Mark Baker.
BANGALOW bowling club has survived being put into administration and is now back in the hands of the community.
Club members burst into applause at a crucial meeting in Bangalow yesterday when the creditors voted to end the administration period.
The club owes $125,000 to the ANZ bank, $63,000 to trade creditors, $27,000 to the Australian Tax Office, and almost $71,000 in administration fees.
But administrator John Souris advised creditors the club had a good chance of meeting its debts because community members had worked together to raise $200,000 towards their goal of $300,000.
The creditors could have killed off the bowling club to settle its debts. But they agreed to end the administration period on the basis that the ANZ has agreed to re-finance the club’s debts and the club has committed to paying all unsecured creditors within six weeks.
Mr Souris said the outcome was a “good” result for the community and the creditors.
“At the moment there are pledges and money coming in from debentures,” Mr Souris said.
“We’re told there’s about $300,000 in there and the club will keep trading.
“I wish them well.”
The club now plans to return to trading as soon as practical.
Unsecured creditor Murray Kirshaw of Ainsworth Games Technology said he was glad to see the club survive.
“It would be a shame to see a 102-year-old tradition lost and even though we’re creditors I think the decision is great and the community has done a fantastic job,” Mr Kirshaw said.
Club Rescue Committee convenor Brian Mackney said he was delighted with the creditors’ decision.
“In some sense the appointment of an administrator has been a benefit to the club,” Mr Mackney said.
“That may seem strange but it’s been a very loud wake up call for the community that the club can’t be taken for granted.”
source: Northern Star
Byron Bay Recent News Articles
- Having Fun With Your Children in Byron Bay
- A Guide to Booking Accommodation in Australia
- Nimbin Mardi Grass 20th Anniversary May 4 & 5
- Byron Schoolies HUB has funding removed by Byron Council
- Useful Information When Travelling to the South Pacific
- Youth Week Youth Forum - Thursday night at the YAC - "Things are getting dire * have your say about the Shire"
- BOOMERANG Festival for Byron in October 2013
- Fusing Work and Play on Your Business Travel
- The Bay Rollers 'Skate Of Origin' in Byron Tonight
- Harmony Day in Byron Bay Today
- Byron Bay International Film Festival Opens this Friday
- Movie Under The Plastic Stars - at the YAC today
- The Politics Of Pleasure - a new book by former Byron man Mark Russell
- V Day in Byron Bay - One Billion Rising - Feb 14
- Flickerfest continues today and tomorrow - program
- Public Forum in Byron Tonight - get along and have your say
- Byron Arts Classic Opening Tonight at Community Centre
- Which Way Festival this Sat at Byron YAC - 20 Bands in 12 hours!
- Two Fireworks Displays for New Year's Eve in Byron Bay
- Fun Outdoor Activities to Do in Byron Bay
- Paul Simon and Rufus Wainwright to play 2013 BluesFest
- Cringe The Binge Kicks Off With Hardcore Party at YACROCKCAFE Tonight
- AMA URGES YOUNG PEOPLE TO PLAY IT SAFE AT SCHOOLIES
- Cringe The Binge For The National Weekend Of Action & Help Youth
- Third Artist Announcement Bluesfest 2013- It’s A Bluesfest Dream Come True
- Byron Filmmaker David Bradbury Arrested Investigating Indian Nuclear Sector
- Cringe The Binge National Weekend of Action - Byron Youth Service Initiative
- Reclaim The Night Events For Young Women In Byron Bay
- Sunday is Byron Breast Cancer Awareness Day
- Rock The Gate Against CSG Today In Murwillumbah