THE embattled Millicent and District Community Club precinct is set to go on the market next month.
Voluntary administrator David Kidman also revealed at last week’s meeting of creditors at the Davenport Street premises its estimated liabilities now stood at $450,000.
He said no proposal for a deed of company arrangement had come forward and he was proceeding with plans to sell its assets.
Mr Kidman is a partner with Adelaide insolvency firm Ferrier Hodgson and was appointed as the voluntary administrator by the club’s board of management on September 13.
Due to financial difficulties, the board had decided nine days earlier to close the doors after almost 54 years of continuous trading.
Last Tuesday’s meeting lasted 45 minutes and was attended by a gathering of 12, including three representatives of Ferrier Hodgson and three Wattle Range Council senior staff.
The Australian Taxation Office is a creditor and a representative was present via a phone link.
Former community club manager Roger Andrews was also in attendance.
Mr Kidman explained Mr Andrews had been contracted by him to work on certain administrative tasks.
Among Mr Kidman’s actions was liaising with property valuers and real estate agents, reviewing the list of creditors, seeking information from the board of management, arranging insurance cover and writing to past employees.
He said the figures available to him showed the club had made a loss of $39,000 in 2015/16 and a further loss of $48,000 in 2016/17.
Mr Kidman said the figures available to him indicated a $27,000 profit had been achieved in 2017/18 and this included an insurance claim of $76,000.
He said it was too early to estimate a return to secured and unsecured creditors.
The creditors endorsed Mr Kidman as voluntary administrator and declined the opportunity to appoint a committee of inspection.
Mr Kidman said the second meeting of creditors was likely to be held on October 19 and creditors would be informed.
Last month, the community club board of management told a public meeting the club had a loan with Wattle Range Council of $194,000 and creditors were owed $173,000.
