THE voluntary administrator of the Millicent and District Community Club has called a meeting of creditors.
David Kidman, of Adelaide insolvency firm Ferrier Hodgson, will meet the creditors at the Davenport Street premises at 3pm on September 25.
Community club board members met last week to discuss the voluntary administration proposal after almost 54 years of continuous trading, which ceased on September 4.
Mr Kidman was appointed voluntary administrator and now controls its operations and is assessing its finances.
According to documents pinned on the club’s front door, Mr Kidman will be paid an hourly rate for his services.
He said the creditors had the opportunity to appoint a committee of inspection.
Mr Kidman told The South Eastern Times he would be looking to sell the freehold of the property, which comprised two titles, the building and the car park.
He said the organisation had ceased trading before his appointment and so it would not be sold as a going concern.
“It is subject to a club licence which is not transferable,” Mr Kidman said.
He said an appraisal of the property was under way and it would be offered for sale after a marketing campaign.
Mr Kidman said he anticipated a second meeting of creditors would be held in early October.
The public was informed of the management committee’s decision to place the club into voluntary administration and cease trading immediately after a sign was placed on its Davenport Street front entrance on September 4.
It had a loan with Wattle Range Council of $194,000 and creditors were owed $173,000.
