North Albury Sports Club is one meeting away from being officially wound-up after nearly four decades in existence. As outlined at a members meeting in mid-February, the club has called a further meeting to execute its formal demise. The meeting has been called for March 28 when members will be asked to vote on four special and ordinary resolutions. The matters to be voted on are considered to be a fait accompli including voluntarily winding the company up, appointment of a liquidator and determining the distribution of any surplus company assets. Wagga-based Chris Chamberlain, the administrator who successfully kept the club afloat six years ago, is expected to be appointed to the role of liquidator which will include finalisation of the wind-up in accordance with Australian Securities and Investments Commission requirements. At the previous members meeting the board was given the green light to sell the club's remaining 12 poker machines after already commencing the sale of 15 other machines on its books. It was hoped proceeds from the sales could eliminate all club debts of around $200,000 before facilities were handed back to Albury Council and new deals struck with sporting bodies for ongoing use. Debts had climbed to more than $800,000 in 2014 when the club was placed in administration before being resurrected in part by member pledges. The council had requested the venue be gaming-free when it was handed back to them. TAB and Keno facilities also need to go. The football, netball, cricket and lawn bowls have held a meeting to discuss ongoing access rights to Bunton Park facilities. An entity will be required to replace the sports club in taking on the head lease at Bunton Park. The Ovens and Murray Football-Netball League season begins later this month with North Albury's first home game at Bunton Park being on April 4. The Hoppers have previously assured players, members, sponsors and fans the club's operations won't be impacted by the sports club wind-up. Other O and M clubs to previously have pokies at their venues included Albury Tigers and Wodonga Bulldogs.
The meeting has been called for March 28 when members will be asked to vote on four special and ordinary resolutions.
The matters to be voted on are considered to be a fait accompli including voluntarily winding the company up, appointment of a liquidator and determining the distribution of any surplus company assets.
Wagga-based Chris Chamberlain, the administrator who successfully kept the club afloat six years ago, is expected to be appointed to the role of liquidator which will include finalisation of the wind-up in accordance with Australian Securities and Investments Commission requirements.
At the previous members meeting the board was given the green light to sell the club's remaining 12 poker machines after already commencing the sale of 15 other machines on its books.
It was hoped proceeds from the sales could eliminate all club debts of around $200,000 before facilities were handed back to Albury Council and new deals struck with sporting bodies for ongoing use.
Debts had climbed to more than $800,000 in 2014 when the club was placed in administration before being resurrected in part by member pledges.
The council had requested the venue be gaming-free when it was handed back to them.
