Creditors have voted to place Sporties Dubbo into liquidation, the administrators say.
The decision was made at a meeting of creditors held at Dubbo on Wednesday.
It comes just over three months since the Erskine Street venue entered voluntary administration.
Aaron Lucan and Graeme Beattie, partners of Worrells Solvency and Forensic Accountants NSW & ACT were appointed as the administrators.
Sporties Dubbo, the trading name of the Dubbo Railway Bowling Club, ceased to trade on Saturday.
It was established more than 60 years ago in 1954 to cater for NSW railway employees domiciled at Dubbo.
One of Dubbo’s oldest bowling clubs has ceased trading and a meeting of creditors on Wednesday will decide the future of its affairs.
Dubbo Railway Bowling Club, known as Sporties Dubbo, ceased trading on Saturday, administrators have confirmed.
The Erskine Street venue entered voluntary administration on November 15.
Aaron Lucan and Graeme Beattie, partners of Worrells Solvency and Forensic Accountants NSW & ACT were appointed administrators.
They advised that the club would continue to trade as usual through the voluntary administration while options were explored.
But it ceased to trade on Saturday, Mr Lucan told the Daily Liberal.
“There is a meeting of creditors convened for 27 February 2019, at that meeting creditors will decide whether the company will go in to liquidation or execute a Deed of Company Arrangement,” he said.
In November the administrators reported the club had fallen into “financial distress as a result of unfavourable contracts and operational challenges”.
A deed of company arrangement (DOCA) is a binding arrangement between a company and its creditors governing how the company’s affairs will be dealt with, which may be agreed to as a result of the company entering voluntary administration, the Australian Securities and Investments Commission (ASIC) website says.
“It aims to maximise the chances of the company, or as much as possible of its business, continuing, or to provide a better return for creditors than an immediate winding up of the company, or both,” the ASIC website says.
“If creditors vote for a proposal that the company enter a DOCA, the company must sign the deed within 15 business days of the creditors’ meeting, unless the court allows a longer time.
“If this doesn’t happen, the company will automatically go into liquidation, with the voluntary administrator becoming the liquidator.”