An administrator appointed to manage the finances of embattled NBL franchise the Illawarra Hawks has recommended the team liquidate its remaining assets.
Key points:
A preliminary report obtained by the ABC reveals the administrator has advised creditors the company has outstanding debts to players and staff of more than $770,000, and that it is in their best interest for the company to be wound up.
“The Company has a shortfall of assets over liabilities and therefore cannot meet its obligations to creditors,” the report said.
“The Company is therefore insolvent and requires a formal insolvency appointment to deal with their financial position.”
The future of the club was thrown into doubt in March when previous owner Simon Stratford agreed t…
Read the full article at: https://www.abc.net.au/news/2020-05-11/illawarra-hawks-face-liquidation-administrator-says/12234880
