The firm's Tim Gumbleton and Andrew Bowcher were given full control of the club's operations on September 29, and with the priority back paying around $775,000 to club creditors as well as keeping bowling at the club alive. They moved immediately to close the men's side of the club and use the two women's bowling greens for all bowling.

They will also form a sub-committee, made up of four people including the club's president, an individual with club management experience, another with project management and local government experience, and one more with financial or legal expertise, to develop and implement strategies to make the club viable again.

Administration will chair the sub-committee, and has also moved to sell the house on the club's premises, while being forced to cut around six jobs as a result of suspending activity at the licensed premises.

A meeting with club members and community stakeholders was held after the time of print on Thursday night, and Gumbleton said he hoped the sub-committee could be formed soon afterwards to fast-track the process of mending the club's situation.

"We want to get to a point on Friday where we can appoint that committee," Gumbleton said.

"We'll be selecting it on merit. It's really important that each member is independent so there are no conflicts of interest."

Both Gumbleton and Bowcher have administered other sports clubs in recent years, and currently administer four others, but Gumbleton said their main interest in taking over the Queanbeyan Bowling Club was to ensure the club could continue its business.

But with over $500,000 owed to the National Australia Bank and just under $200,000 to minor creditors, he added that would not be possible unless finances from the club could be returned to its creditors, and that would play a large role in the decision making of the administration in the near future.

"What we're working on now is talking to the men's and women's bowlers and ensuring they can still bowl in the future, and that'll keep all members connected with the club," Gumbleton said.

"From there we will look at options of viability, whether that's amalgamation, and that'll be a step process through the administration."

"We aim to pay all creditors over a 12-month period. We're also looking at selling the house, and that will be enough to pay the secure creditor which is the bank."

"But we also need to find ways to cover the tax office, minor contributors, council rates, water and electricity."

Gumbleton said entitlements to terminated employees also made for about $67,000 in liabilities, and while superannuation had been paid to date by the club, he said employee claims still needed to be paid out.

But he said he was confident in meeting the one-year deadline as there were many options to be considered.

"Another club could merge in and pay out all the creditors quickly, and its almost business as usual from there," he said.

"People could donate money, or you can sit down and develop ways to improve trading and make more money that way."