Liquidation only available option for Fishos: Adminstrators
A CONFIDENTIAL meeting of Coffs Harbour City Council on Tuesday night may have signed the death knell for the Coffs Harbour Deep Sea Fishing Club.
As the corporate manager of the Coffs Coast State Park Trust, the council decided not to extend the current lease of the fishing club, which fell into voluntary administration in April.
Negotiations between the fishing club and an unnamed third party had reached a point where administrators gave in-principal approval to a proposal which would have allowed the restructure and re-opening of the club as well as satisfying creditors.
Chair of the Save the Fishos Group Ian Kemmis said the vote means council had acquired property worth millions of dollars.
"We've been advised that the administrator will recommend to the creditors that the club be put into liquidation at end of this month where upon the council will take possession of the club," Mr Kemmis said.
Grant Thornton Australia partners Andrew Sallway and Said Jahani said while all efforts have been made to save the club, liquidation was the only feasible outcome.
"We've worked closely with the 'Save the Fisho's Group' who prepared a Deed of Company Arrangement (DOCA) proposal to find the best outcome for the club and its stakeholders," Mr Sallway said.
'However despite the best endeavours of all the major stakeholders including the conditions on the proposal could not be satisfied and as a result the DOCA was withdrawn.
"No other DOCA proposal has been submitted to the administrators, and as a result there is no other viable option other than to place the company into liquidation."
Within the constraints of the Crown Lands Act, council said it remains focused on ensuring the current and future use of the precinct continues its emphasis on recreational fishing.
A council spokesperson added the Coffs Harbour Deep Sea Fishing Club, and other interested parties, will be entitled to submit a proposal in any future Expression of Interest process for the site.
The next creditors meeting will be held at the club on July 29.