Sunshine Coast golf club goes into administration
PEREGIAN Springs Golf Club Ltd has been placed in administration with a first creditors' meeting set for July 1.
The club will continue to trade under the management of the administrator Gavin Morton of Morton's Insolvency Accountants.
The board has written to members blaming the thwarting of a move to sell the club to a private buyer, the likelihood the sale of land for development would be blocked or delayed and that 60 members had been unwilling to pay a $1000 levy.
It cited dwindling cash reserves which had increased the risk of insolvent trading by July-August this year.
The board determined the "best hope for the future" lay in the appointment of an administrator.
On Monday it suspended acceptance of levy payments and the receipt July-September quarterly subscriptions.
How do you feel about the Peregian Springs Golf Club going into administration?
This poll ended on 29 June 2016.
I saw it coming.
This doesn't affect me at all.
This is not a scientific poll. The results reflect only the opinions of those who chose to participate.
Payment of both can be made to the administrator for those wanting to continue to use the club's facilities beyond June 30.
The July 1 creditors' meeting will be held at the club from 9am on July 1 and is open to share holders and members.
Mr Morton has begun an assessment of the club's finances to determine options for its future.
His immediate strategy is to continue to operate the club while advancing discussions with prospective buyers.
Shareholder of the club paid $6.5m for the right to membership in amounts of up to $25,000 per head. Shares have more recently sold for $100.