Club Coffs given more time
CREDITORS voted to allow Club Coffs more time to find sufficient funds to pay off debts or find a partner for amalgamation.
Monday's meeting gave creditors the option of seeing Club Coffs go into liquidation but the opportunity to see the club continue operations was the overwhelming feeling among the small crowd of creditors.
Administrator David Morgan from Clout and Associates said the meeting was relatively quick.
"Discussion wise there were a few questions asked but not a lot. I think they all want to see the club survive," Mr Morgan said.
If worse was to come to worse at the end of the year and Club Coffs was liquidated, the hole left in the local economy by the closure of Club Coffs would be massive.
Not only does the club employ more than 40 people but there are many local suppliers who rely on the business Club Coffs brings them.
Mr Morgan doesn't believe this will happen though.
Even after two registered clubs from within NSW withdrew their offer of amalgamation, Mr Morgan believes that Club Coffs should be seen as a viable entity for amalgamation.
"Our thoughts from day one is it is an attractive club with respect to the fact it's got unencumbered assets, it's just needing someone that's prepared to come in with the cash behind them to not only bring creditors up to date but then also inject further funds," he said.