CREDITORS of West Perth Football Club have accepted four cents in the dollar owed to them.
They voted unanimously at the Joondalup club today for the payment figure and to support the deed of company arrangement put forward by the WA Football Commission.
Administrator KordaMentha considered the four-cent proposal the best option for the club which went into voluntary administration in July with a debt of nearly $800,000.
West Perth chief executive Linda Hamersley, who was appointed at the start of the season as the Falcons’ first female CEO, said when the deed was executed, the administration period would cease.
She said KordaMentha had up to 15 business days to execute it, so the club could be operating under administration for a maximum of another three weeks. But the administrator wanted the deed executed within a week.
“The unanimous vote was a positive show of support for the administrator’s recommendation that the club be allowed to continue to trade going forward,” she said.
“Our members and supporters have rallied over the last six weeks to ensure we raised enough funds for the club to operate once the administration period has concluded.”
The deed also allows the WAFC to appoint an interim board. The board could be appointed within a week.
Hamersley, the former boss of Hockey WA and Athletics NZ, said guiding the club through a tough period had been a learning experience.
“It has been a learning for me, one that I hope not to be involved in again,” she told Community News.
“To get to the situation of having to go into administration means the organisation is financially very vulnerable to liquidation.
“The uncertainty of that for staff and creditors is unsettling. People with legitimate monetary claims do not receive their full monies owed and it can be an emotionally challenging time for creditors. I now have a very good understanding of how the administration process works though.”