Embattled golf club owes bank $250,000
A $250,000 overdraft held with the Bank of Queensland has fallen due on the eve of the first creditors' meeting of the embattled Peregian Springs Golf Club.
A big turn out of members is expected Friday from 9am along with between 20 and 30 trade creditors for the meeting at which administrator Gavin Morton of Morton Insolvency Accountants will outline the state of the books.
Real doubts now are held for the future of what once was considered one of the Sunshine Coast's most prestigious golf clubs, charging new members up to $25,000 for the privilege of joining.
Mr Morton said while the debt, which includes some staff superannuation, was not massive there was an issue of cash flow to meet operating costs.
Moves to progress the sale of the club with two prospective buyers have stalled awaiting valuation of assets, numbers expected to be available in time for Friday's meeting.
Confusion also existed about ownership of the golf carts operated by the club.
Members have been assured they will be only charged money equivalent to the service provided. That would mean refunds against quarterly subscriptions in the event the golf club was to close.
Mr Morton said at this stage members who had paid $1000 levies to assist with cash flow could not lodge claims as creditors.
He said it was possible a buyer could be found interested in operating the golf club under a lease from the freehold owner Aveo or the property may become subject to a whole-of-asset freehold sale.
A sale of the total asset would be dependent on the land's potential uses which may be restricted by a Sunshine Coast Council decision on a pending development application to use land zoned recreational for residential subdivision purposes.
Peregian Springs residents opposing the development application say they have confidence Sunshine Coast Council planning officers will reject it.
Greg Smith said it would be what councillors did though that would be the issue.
"People opposed to the DA need to maintain their lobbying efforts before council meets to decide on August 18,'' he said.
Mr Morton said it would be clear an operating vibrant golf club would be in the best interests of a developer with golf frontage land for sale.