Coogee Club into administration
BY KRISTEN TSIAMIS
The eastern suburbs’ Coogee Sports Club has been placed under administration.
Gregory Parker of Parker Insolvency has been named as the Administrator, taking the role from the 1st July 2016.
The Club issued a notice of meeting, the first Annual General Meeting of 2016 for Sunday 23rd October 2016.
The listed agenda for the meeting is to consider “whether to appoint a committee of creditors, and if so, who are to be the committee’s members.”
Further, the agenda states that at the meeting, creditors may also “remove the administrators from office and appoint someone else as administrator of the Company.”
This will be the first Annual General Meeting after Mr Parker was put in place as administrator.
The Club isn’t the first to have been plagued by financial problems and battles to stay in business. Earlier this year, the Maroubra Sports Club was bought out by developers, and served its last drinks on Anzac Day of 2016.
In 2009, Sydney’s Spanish Club on Liverpool Street went through the same fate, with the issue going to the Supreme Court. The Club was burdened with diving numbers of membership and reported debts of up to $4 million.
The Coogee Sports Club could be the next community organisation to see its community owned assets sold off to developers to pay off creditors at the expense of a local facility.
City Hub had an anonymous tip from a concerned local about the impending meeting and administration of the Club.
They said that this AGM will “be the first time members have been able to ask questions about what happened. It’s the first meeting they will be able to answer some serious questions we have, despite the fact that 7 days notice has to be given of questions.”
They also wanted to “put it out there that members who attend the AGM will want answers to questions of where funding went.”
“The directors went to the Supreme Court to apply to go into voluntary administration.
Mr Parker was unavailable for comment until the General Meeting is held on Sunday 23rd October.
