Full list of creditors of Gold Coast’s Arundel Hills Country revealed
The once prestigious Arundel Hills Country Club collapsed with debts of up to $5.73m. Find out the creditors owed money by the decaying golf course.
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A once-prestigious Gold Coast golf club collapsed owing up to $5.73 million to unsecured creditors, employees and the government, a new report has revealed.
Administrators were appointed to Arundel Hills Country Club owners Zhongsheng Management Pty Ltd in May.
An updated report from Grant Thornton administrator Graham Killer has revealed the company owed up to an estimated $3.35m to unsecured creditors.
These included club members ($594,000 owed), trade and other ($2.42m) and future unknown unsecured creditor claims ($330,000).
The company had debts to secured creditors including Berwick’s (Golf Coast) Pty Limited, Taylor Made Golf Australia Pty, Roy Gripske & Sons Pty Ltd and Adidas Australia.
A further $690,447 was owed to employees and $1.68m to statutory creditors.
According to the report, the company possessed a number of assets, including motor vehicles, club house furniture, maintenance equipment and office furniture, which were auctioned off.
This resulted in sales of $243,371.
Two club car golf carts, a 2008 Toyota HiLux and a mower remain up for sale.
At a second creditors’ meeting on August 31, a proposal for a deed of company arrangement (DOCA) for Zhongsheng Management was accepted.
Mr Killer will remain the administrator until the DOCA is signed.
Under the DOCA, the estimated return to unrelated unsecured creditors is up to 25 cents for every dollar.
This means they are expected to receive only a quarter of the money they are owed back.
On Thursday, the new buyer of the Arundel Hills Country Club land unveiled their revival plan, telling the Bulletin only a “little bit of residential” development was involved.
Prospective developers Dale Carroll, Steven Kleytman and Andrew Barbayannis are in the process of buying the 67ha of land at Arundel Place.
Mr Carroll said settlement on the sale of the property had been extended from September 1, 2022, to March 1, 2023, due to a “commercial decision”.
The abandoned country club went into administration just weeks after the Bulletin reported it had fallen into a state of disrepair and was overrun with aggressive kangaroos.
In April, a woman suffered cuts to her face after she was attacked by a kangaroo at the golf course.
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