MAJOR UPDATE: Club's debt and asset situation clearer by Friday
UPDATE 5PM: BY the end of the week, administrators expect to have a firmer grasp on the assets, jobs and debts tied up in the CQ Leagues Club.
Worrells Solvency and Forensic Accountants were appointed administrators of the troubled club yesterday and issued a statement before noon.
One of the administrators, Paul Nogueira, spoke with The Bulletin early this afternoon, saying Worrells staff were at the club right then assessing the situation.
He said the club's committee and members had made the decision to cease trading and close the doors on Tuesday afternoon and go into voluntary administration before appointing Worrells.
Mr Nogueria said it was believed the club house was leased by the club, but the club had done work to the building during its tenancy and there were assets in the building that belonged to the CQ Leagues Club.
UPDATE, WEDNESDAY 2pm: A decision on the future of the CQ Leagues Club is likely to be made within "20 to 30 business days", the club's administrator says.
A statement issued shortly after midday today by Worrells Solvency & Forensic Accountants has confirmed the board of the CQ Leagues Club Limited appointed Morgan Lane and Paul Nogueira of Worrells as voluntary administrators on Tuesday.
"The CQ Leagues Club was formed in 2009 in support of the bid to host a National Rugby League team in Central Queensland. Its licensed premises at 1 Lion Creek Road, Rockhampton employed 25 staff locally," the statement says.
"The club ceased trading on 10 January 2017.
"At this early stage of the administration, Worrells is unable to provide any comment on the reason for the club's insolvency. Investigations into those matters are underway and a report to creditors will be issued in due course.
"In the voluntary administration process, a first meeting of creditors is held within eight business days of the appointment, and a second meeting of creditors is usually held within 20 to 30 business days after the appointment. It is at the second meeting that creditors will determine the club's future."
The statement said Worrells appreciated the impact the appointment would have on the club and the community.
"We will continue to proactively communicate with all affected parties," it says.
"The objectives of the voluntary administration regime will assist to bring about the best possible outcome for the club and creditors.
"Any event bookings at the club will be handled through the creditor proof of debt process."
Worrells has 25 offices nationally, across Queensland, NSW, ACT, Victoria, SA, and WA.
BREAKING TUESDAY: About 25 people face an uncertain future, with the CQ Leagues Club closing its doors as of today.
Chairman of the CQ Leagues Club board Geoff Murphy confirmed staff had been told the club had been placed into receivership at a 3pm meeting this afternoon.
Worrells have been appointed to take control of the business, but Mr Murphy said the South Rockhampton venue would be closed until further notice.
"We made a decision this afternoon to call it quits," Mr Murphy told The Morning Bulletin.
"We just explained to the staff what was happening."
Mr Murphy said lack of support had hurt the club, along with "the depressed economy around the area".
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.
The Morning Bulletin has contacted Worrells for further comment.