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Media releases Receivers and Managers Appointed Friday, 12 March 2004 Tony McGrath and Joseph Hayes, partners of KPMG, were appointed Receivers and Managers of New Horizons Corporation Pty Limited, trading as Horizons Golf Course near Nelson Bay on 5 March 2004. Joseph Hayes noted that the company has outstanding liabilities to local suppliers, leasing companies, the Australian Taxation Office and property owners. Mr Hayes said that the business is continuing to trade as a going concern, under the control of the Receivers and Managers, whilst the full extent of the company’s financial affairs is determined. In this regard, the Receivers were opening new accounts with suppliers and other interested parties to ensure the continuity of high quality service presently enjoyed by customers. Given the early stage of the receivership review, it was necessary to cancel the company’s commitment to provide support to the planned Ladies PGA event scheduled to be held at Horizons this week. However, the Receivers wish to reassure members, suppliers and customers generally, that it is their intention to preserve business value through continuing trading the Resort operations in the usual way, including tournaments, functions and conferences. Further information will be made available shortly. |
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