Industry — Property

Whitely Point Bowling Club

Recreation and Bowling Club

Please note, names have been changed to maintain client confidentiality

The challenge

A Recreation and Bowling Club which operated in Inner West Sydney  had defaulted on a loan to a Secured Creditor and had no means to repay the debt from normal trading operations

The response 

The Board of Directors appointed us as Voluntary Administrator and we assessed that the property would be worth considerably more with Development Approval. We liaised with town planners and formulated the DA to be lodged with Council. The property was marketed for sale throughout the Voluntary Administration process which resulted in a sale.

The result

The secured and unsecured creditors were paid out in full. Furthermore surplus funds were distributed to the club and used to invest in a new sports club for members.