Administrator takes over bowling club

The receivers and managers of the Woy Woy Bowling Club Ltd announced on Monday, September 22, that management of the club would return to the deed administrator before the end of the month.

Receivers Stephen Parbery and Mark Robinson of PPB Chartered Accountants said that an agreement had been signed which will see the receivers and managers retire.

The deed administrator will remain in his role until the payments to unsecured creditors have been finalised.

The departure of the deed administrator and finalisation of the deed of company arrangement will see the club returned to the board of directors and members.

During the receivership, the secured creditor extended financial support to the receivers and managers to enable the club to continue to trade.

The receivers and managers advertised extensively, but unsuccessfully, to find a suitable merger partner for the club.

Woy Woy Holdings Pty Ltd has successfully negotiated an agreement with the secured creditor for the purchase of the debt and assignment of securities for an agreed sum.

The board of the club has supported the agreement which will enable the club to formulate a long-term strategy will provide the best opportunity for the future viability of the club, according to Mr Robinson.

A number of factors influenced the club's financial performance in recent years including refurbishment and extension of clubhouse facilities that severely affected trading in 2000-2001 and from which the club struggled to recover, he said.

The agreement between the secured creditor and Woy Woy Holdings Pty Ltd would give the club the opportunity to continue and to provide benefits to members and the community of Woy Woy and the Peninsula district, he said.

The club is more than 70 years old and occupies a prime site on the New South Wales Central Coast.

Press release, September 30