Corowa Golf Club general manager, Ashley Boyd is more relaxed now that the evolving effort to save the course and club is making progress.
Clarity about Corowa Golf Club’s million-dollar debt has given a better understanding of what the beleaguered club needs to do next.
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At a second community meeting last night, general manager Ashley Boyd was joined by President Deb Eason, James Leslie-Watt of Carson Fiske and Henry McKenna of Vincents Chartered Accountants to present what the club believes is a positive outcome and the right way forward.
The club has engaged Mr Leslie-Watt from Carson Fiske, a professional advisory group for directors and their companies in financial distress.
He told the meeting that while the club has limited its operations for now, it is critical that the club maintains the continuation of the golf course, and that the bar and gaming continue as normal while getting through the next few weeks.
“The proposed plan we’re going through is a reset phase,” Mr Leslie-Watt said.
“We need to look at the current debt positions of the club to deal with secured creditors and realisation of assets, which will take three to four weeks.
“Once we’ve completed this process and have a significant amount of money in the club, we’ll undertake a formal voluntary administration.”
Proposed administrator Henry McKenna, financial advisor James Leslie-Watt, club president Deb Eason and general manager Ashley Boyd update the crowd at Thursday night’s community meeting at Corowa Golf Club.
Corowa Golf Club has almost $1M in debt, with the majority owed to Onyx Gaming, Bizcap and NAB; debts that need to be settled quickly if the club is to move forward.
It is a common perception that voluntary administration spells the end for a club or company, but Thursday night’s crowd was reassured this was not the case.
It is a common perception that voluntary administration spells the end for a club or company, but Thursday night’s crowd was reassured this was not the case.
In Australia, voluntary administration is a formal, short-term insolvency process where directors of a financially distressed company appoint an independent administrator to take control and restructure to save the business.
Mr Boyd said the recent sale of two parcels of water to Club Corowa, totalling 54 megalitres and almost $500,000, went a long way to helping the club achieve this.
“Club Corowa is purchasing the water to free up capital and cash flow for our club while retaining that asset in the community,” he said.
“There is potential for us to access and use that later subject to certain criteria.”
Mr Boyd suggested that with additional water assets at their disposal and more than 100 megalitres available in their bore, there are further avenues to draw on if needed, while still maintaining the course.
Another large crowd attends a community meeting at the golf club as the future of the course continues to evolve.
The golf club board met with professional golfer, Marcus Fraser immediately before last night’s meeting to discuss proposed fundraising initiatives, which can start once the period of administration ends with money going to future club development.
Perhaps the most pertinent question of the evening came from a fellow buried at the back of the crowd – “When can we get a beer?”
Mr Boyd didn’t answer his question but said future updates would be provided to the broader community via letters to members, in the media, posts on Corowa Golf Club and Corowa Golf Course Community Facebook pages to answer this and other questions as answers become available.
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