Sale query on Wil­lows

Sug­ges­tion price well be­low par

Townsville Bulletin - - NEWS - TONY RAGGATT

QUES­TIONS have been raised over the sale of Wil­lows Golf Re­sort af­ter sug­ges­tions it sold for al­most half the price of a pre­vi­ous trans­ac­tion.

The is­sue has been raised in the first cred­i­tors com­mit­tee meet­ing of the course’s pre­vi­ous owner, SPC and Co Pty Ltd.

SPC and Co was placed into ad­min­is­tra­tion on July 11 and into the hands of in­sol­vency ex­perts John Vardy and Ja­son Porter of SV Part­ners.

Ac­cord­ing to the min­utes of the cred­i­tors meet­ing held in Syd­ney on July 20, Marc Ry­ck­mans, rep­re­sent­ing cred­i­tor and Syd­ney bar­ris­ter Ven­try Gray, queried a $ 1 mil­lion sale price said to have been paid for the course shortly be­fore SPC and Co was placed into ad­min­is­tra­tion.

The min­utes state Mr Ry­ck­mans be­lieved the prop­erty had been pur­chased for about $ 1.7 mil­lion in 2014 and was con­cerned that it had now been sold un­der value.

Fur­ther, the min­utes say Mr Vardy, as chair­man of the meet­ing, ac­knowl­edged Mr Ry­ck­mans’ com­ments and noted that this would be the sub­ject of fur­ther in­ves­ti­ga­tion.

Mr Vardy also noted that from his un­der­stand­ing the pur­chase price was paid via the trans­fer of mort­gages and a caveat rather than a cash trans­fer.

Mr Vardy would fur­ther in­ves­ti­gate whether there was rea­son­able con­sid­er­a­tion on the sale and the va­lid­ity of the mort­gages and caveat, the min­utes say.

Other is­sues to be in­ves­ti­gated in­cluded the claim by Mr Ven­try against the com­pany, a claim against a for­mer lessee, WGM Nom­i­nees Pty Ltd, said to owe SPC and Co about $ 150,000 in out­stand­ing rent and a dis­pute with the cur­rent lessee which may give rise to a claim for out­stand­ing rent.

In its Wil­lows Golf Club News, posted on the course’s web­site on July 16, the Wil­lows Coun­try Club and JT Golf Team an­nounced the buyer of the course as Wil­lows Coun­try Club Pty Ltd.

The news item says that all cur­rent mem­ber­ships are be­ing hon­oured by the new own­ers, that the ma­jor­ity of staff and op­er­a­tions are be­ing re­tained and that works and im­prove­ments to the course had al­ready com­menced.

Com­pany records show Syd­ney man Costas Fran­gakis owns Wil­lows Coun­try Club.

Mr Vardy, a SPC and Co di­rec­tor and Mr Fran­gakis could not be con­tacted for com­ment.

Club pro­fes­sional Josh Tin­dale said the new own­ers were mak­ing sure the golf club was op­er­at­ing but de­clined to com­ment fur­ther.

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