The Tura Beach Tavern and its creditors are facing dark days; with no plan in place to keep the tavern afloat it looks as though the tavern will be put up for sale.
The News Weekly understands that Adam Farnsworth, of Dean-Willcocks Shepard, Sydney who was appointed voluntary administrator on November 14, 2012, has now been appointed as liquidator.
The move will come as a body blow to a group of creditors who have fought to keep the tavern open and trading in the hope that it could be returned to an even keel financially.
The Tura Beach Tavern is owned by 27 shareholders from as far afield as Broome, Queensland, Victoria, Jindabyne and the local area.
The Tura Tavern went into voluntary administration after major shareholder, Nic Ellis, principal of 2020 Solutions, a financial services business, called in the administrator.
It is believed that Mr Ellis wanted his shareholding back and it was this action that prompted the appointment of administrator, Adam Farnsworth.
In an earlier statement to the News Weekly, Mr Ellis said that “poor trading, lack of cashflow and ability to sustain losses” were behind his action in calling in the administrator.
However the group of creditors who have tried to put together a plan to save the Tura Tavern have always believed that the tavern was a viable business.
But re-opening the tavern did not appear to be on Mr Ellis’ radar. He told the News Weekly that he didn’t believe the tavern would reopen and that there were “no plans to reopen”.
Australian Securities and Investment Commission (ASIC) staff have been present at creditors meetings held regarding the future of the Tura Tavern.
ASIC will usually not become involved in matters of commercial judgement by a voluntary administrator or deed administrator but it is the responsibility of the voluntary administrator to report to ASIC on possible offences by people involved with the company.
It is part of the liquidator’s role to enquire into the failure of the company and possible offences by people involved with the company and report to ASIC.
The News Weekly understands that the financial books on the tavern have yet to be presented to shareholders.
The News Weekly tried to contact both Mr Ellis and Adam Farnsworth but phone calls were not returned.
The tavern first opened in December 2006 when it was called the Chook and Ox Tavern, but in August 2008 the last beer was poured by licencee Dave Woods who said at the time that it was too difficult to make it pay.
In June 2009, it was reopened after Nic Ellis and the shareholders group bought the property.