Corrimal club struggles for survival

THE fate of Corrimal Leagues Club will be decided next week after almost four years of trading in administration.

The club went into external administration in February 2009 with debts of $5 million and sold assets including its Railway Street premises and car park, two houses on Junction St and a vacant block to clear debt.

The club continues to trade on a four-year lease, with more than 140 creditors, including employees and the tax office.

Club director Paul Balfour, the Illawarra Mercury reports today, has agitated for a meeting with creditors in the hope to waive the remaining $1 million debt.

Mr Balfour told the Mercury that monthly rent and debt repayments had made it difficult to make a profit over the past 12 months. He said the club currently employs about 19 staff.

Michael Chan, a senior manager with administrators Jirsch Sutherland, the Mercury reported, was advertising for a company willing to amalgamate with Corrimal Leagues which, as a non-profit organisation, cannot be sold.