Queensland Irish Association Friendly Society Ltd (In Liquidation) Progress Report to Members
At the adjourned second meeting of creditors held on 11 May 2015, creditors resolved that the Company be wound up and I was appointed the Liquidator.
My role as Liquidator is to realise the asset of the Company and distribute the funds firstly to the National Australia Bank Limited as the first ranking secured creditor and then to pay a dividend to the unsecured creditors. I expect to be in a position, following realisation of the real property, to pay unsecured creditors in full.
I have appointed Knight Frank as agents to market the property with an Expression of Interest campaign expected to last eight (8) weeks. The campaign is aimed at finding either an investor or a developer to purchase the property and accommodate the Irish Association’s requirements, continuing its cultural heritage into the future.
Knight Frank will commence the marketing program with a press release published in the Courier Mail on Friday 18 September 2015 and you will no doubt see published material concerning the marketing campaign in the major newspapers and by way of internet marketing.
Preparation of the Information Memorandum has been delayed due to heritage aspects of the Tara House property and updated reports have been commissioned to assist with the marketing exercise.
To add value to the realisation process, I have negotiated with the owner of the adjoining property at 171 Elizabeth Street, the Heckelmanns Building, to jointly market the two (2) properties in one line or individually. The combined lots will increase the attraction for redevelopment possibilities and broaden the potential market.
Members wishing to receive further updates should ensure that the Company has their current email address or contact Pauline Hartwig on (07) 3303 9707.
Dated this 17th day of September 2015
Queensland Irish Association Friendly Society Pty Limited (In Liquidation)
David Lewis Clout
Liquidator
David Clout and Associates