Breaking News
Fishos $1.8m in debt
Chelsea White
17 April 2008
THE full extent of the iconic Manly Fishos' financial crisis can be revealed after the club's papers show it owes the ANZ bank $1.8 million.
It is believed this is just the tip of the iceberg ahead of a creditors meeting this Monday to decide its fate.
Financial documents obtained by The Manly Daily reveal while the Manly Fishing and Sporting Club has $2 million in assets, it also owes a number of other creditors including Devitt Wholesale Meats, Bull Club Services and FPA Architects.
The creditors are being given two choices going forward, either a deed of company arrangement or liquidation.
If they decide on a deed they will then choose between an amalgamation with other clubs or a bail out plan requiring a financier.
Creditors and the club's architects, FPA International, said to go into liquidation is unnecessary and would be devastating for the club, its members and the community.
"In our mind there is not even a slight consideration as far as liquidation," architect Mary Johnson said.
"There is too much potential in the club itself in terms of the club and for a residential development."
While the club's situation looks bad on paper, there is hope. Ms Johnson said a financier is keen to help bail out the embattled club.
Keeping the Fishos going is something young northern beaches band Irksome Bliss believes the community should get behind.
Irksome Bliss heads a list of emerging local bands playing at the club on April 26. The award-winning band said without a venue like the Fishos that supports new bands they would be lost.
"Fishos is one of few venues available to see live bands on the peninsula. If fans want to see us, they mostly have to travel to pubs on the other side of the city," lead singer Luke Hannaford said.
"(Without the club) it will be a lot harder to get a gig and a lot harder to get people to the gigs which is important when you are just starting out."
Major creditor ANZ yesterday declined to comment about whether it will appoint a receiver.
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