Fortune Theatre liquidation process ‘flawed’

LAST month, liquidators of the Fortune Theatre claimed 100% payout for creditors, including external creditors, ticketholders, and members.

Since then, there has been considerable criticism of the liquidation process for ticket holders and members expressed in the ODT.

Criticism has also come from some Friends of the Fortune — an independent incorporated society, whose members were required to be members of the Fortune Theatre before training as volunteer ushers or front of house staff.

A major concern was ticketholders and members were not advised that claims had to be lodged, despite email lists being being available. (I can personally confirm that the Friends’ database is both uptodate and available.)

After hearing that memberships and advanced ticket sales were to be refunded, many people believed that they would be personally contacted. The liquidator told the ODT a list of advance ticketholders was not made available to him. (No mention of members or Friends). The liquidator also said creditors had ‘‘an element of personal responsibility to keep abreast of the situation’’. Some of us tried. I emailed an address provided at the Fortune AGM without response.

A second email, weeks later, produced a link to a general creditor claim form, written in legalese, much of which appeared irrelevant to Fortune members. I then gave up.

We are told the liquidation was done ‘‘by the book’’, and I accept this in relation to external stakeholders. But for members, ticketholders, loyal longterm supporters and hardworking volunteers, the process followed seems unworthy, inadequate and flawed.

Maybe the rules developed before the email era for bankrupt businesses are not entirely appropriate for a solvent, registered charity going into voluntary liquidation in 2018.

Jenny Bunce

Opoho ....................................

BIBLE READING: When Your words came, I ate them; they were my joy and my heart’s delight — Jeremiah 15:16.