Bangalow bowlo is back in business
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."