Future bleak for Fishos
ADMINISTRATORS of the Coffs Harbour Deep Sea Fishing Club have responded to claims by the club's management regarding its liquidation.
Earlier this week, the club's management said administrators - Grant Thornton Australia - had moved to place the club in liquidation, despite Minister for Land Niall Blair's impending decision about the club's lease extension.
When asked if it disregarded the minister's decision, Grant Thornton Australia partner Said Jahani re-iterated the liquidation process that commenced on July 3.
Mr Jahani said the liquidation process was activated when the conditions of the club's deed of company arrangement (DOCA) were not satisfied by its expiry date.
Grant Thornton said Clause 5 of the varied DOCA required a number of conditions to be satisfied as well as DOCA funds be paid to deed administrators by 5pm on June 2. These requirements were not satisfied.
Mr Jahani would not detail what specific conditions under Clause 5 had not been met.
Meanwhile, Mr Jahani said the club would continue to be liquidated during discussions about the future of the Fishos.
"We have been in discussions with various stakeholders this week about an option to appoint an administrator, but are yet to receive a proposal," Mr Jahani said.
"Any such proposal will need to outline a superior outcome for creditors. Until such time, the company will remain in the process of liquidation."
Liquidators will now proceed to realise the Fishos assets and undertake further investigations into the affairs of the club leading up to Grant Thornton Australia's appointment as administrators.
Grant Thornton also said all employees had been terminated with the club's closure.