THE administrators of the Queanbeyan Bowling Club will put forward a proposal to pay the club's creditors within 12 months on Monday with the hope of giving bowling control back to the club's board.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
It comes a fortnight after RSM Bird Cameron accountants Tim Gumbleton and Andrew Bowcher, who are administering the club, formed a four man subcommittee, which was tasked with assisting them in drafting a proposal to outline what steps the club will take to eventually pay its near $800,000 debt.
The subcommittee includes retired Queanbeyan magistrate John Selmes, retired property developer David Loft, Queanbeyan Bowling Club president John Britton and casual general manager Shane Holland.
Gumbleton said the finer details of which path the administration would take to make more money and pay off the club's debt would not be in the proposal, as it was too early to decide that.
But he said it included details of the processes his administration and the subcommittee would take, and was confident the creditors would sign off on the proposal.
"We will assure the creditors will get 100 per cent of the funds they are owed back and within a reasonable amount of time...we are still looking at 12 months, but depending on what restructure the club ends up taking, it could even be sooner," he said.
The proposal will focus on the options the club's administration has on its table, including amalgamation, selling all or part of the club's property, leasing all or part of its land, joining ventures with a third party, and obtaining third party deed funds and donations.
He confirmed there was already two expressions of interest from two other registered sports clubs for potential amalgamation, the details of which are commercially in confidence, and said he had recommended the creditors accept the proposal.
"I'm very confident the proposal will be accepted, and once it is, we will be able to give bowling and club control back to the club's directors," he said.
"It will work on a majority vote from the creditors, and when they accept they will sign a deed of company arrangement, as well as us and the subcommittee, and from there we will carry on with business."
Gumbleton stressed it would be important for the club to move forward in the best interests of its members and bowlers.
If creditors do not accept Monday's proposal, liquidation will take place.
