Heritage backers face deadline
THE mysterious financial backers of the Heritage nightclub in Cairns have until Wednesday to convince the administrators of their rescue package.
McLaren Knight administrator Justin Cadman said he was putting together a Deed of Company Arrangement – a proposal made by directors during a voluntary administration, which then has to be ratified by creditors.
It allows the implementation of a revised business plan and strategy to return the business to profitable trading.
It is also designed to provide a greater return to creditors than they would otherwise get if the company was placed into liquidation.
Mr Cadman said he had been approached by a party willing to help the owners reopen the business.
"Wednesday next week is D-Day. A report will be issued for the creditors to decide which way to go," he said.
The club, owned by Simon Friend-James, closed 10 days ago and was placed in voluntary administration, the staff terminated and the business put up for sale.
It has been advertised in The Cairns Post as "offers invited in-situ to walk in and commence trading".
The venue, in the old Central Hotel on the corner of Lake and Spence streets, was refurbished about a year ago.
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Deadlin: The backers of The Heritage nightclub have until Wednesday to convince the administrators of their rescue package.
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