BREAKING: Future of CQ Leagues Club revealed
WITH more than $2.4 million owing to creditors, administrators of the CQ Leagues Club won't be re-opening the Rockhampton venue.
Michael Beck, manager of administrator Worrells' Rockhampton branch, confirmed the sale process would get underway in coming months after the decision was made not to re-open the club on Lion Creek Rd.
The club, original home of the CQ NRL Bid, ceased trading on January 10 and went into receivership.
The decision put jobs in jeopardy for 25 staff.
But Mr Beck today said outstanding employee entitlements, totalling about $100,000, would "either be paid from the company assets or the Federal Government's Fair Entitlement Guarantee Scheme".
The club will be placed into liquidation before assets are sold.
Mr Beck said claims from unsecured creditors totalled $641,000, with a "significant amount" of $247,000 relating to future rent.
Among this list are local creditors, although there is no further information at this stage.
The company also owes just under $1.7 million to secured creditors.
The club was formerly known as Brothers Leagues Club, with the name changed to the CQ Leagues Club in 2009 to support a bid for a National Rugby League team in the region.
The CQ NRL Bid Team acquired the licensed club, built in the 1970s, in the same year.