Administrators to decide future of Forum
Image: Behind the times: the Italian Forum in Leichhardt
A second meeting of creditors to the Italian Forum Limited (IFL) will be convened in coming days to navigate a path back to solvency for the embattled organisation, which entered voluntary administration on August 19.
A minimum of $1.3 million is owed to secured creditors, while the Forum could be liable for a further $2.9 million in government grants which were conditional on particular criteria being met.
It is understood a further $106,000 is owed to unsecured creditors including the Australian Tax Office, while strata levies worth about $600,000 also remain unpaid.
The administrator, SV Partners, confirmed that consultations had taken place with Leichhardt Council and were ongoing.
A second report to be released by the administrator in coming days is expected to name the full list of secured creditors.
The meeting will then decide whether to execute an arrangement between company and creditors, end administration or wind up the company. A recommendation from SV Partners will form part of the second report.
Italian Forum Cultural Centre Manager Monica Scagliarini confirmed the administration process was underway but would not comment further at this stage.
In June, the Inner West Independent reported the Forum was struggling to service its debts, which included building costs and legal bills from its chequered history. The IFL had then approached local member Anthony Albanese for assistance in connecting with potential sources of funding.
The then President of IFL, Ron Reynolds, warned the Centre could cease operations by August. Mr Reynolds has since stepped down and SV Partners has said the Centre will continue normal operations for now.
You May Also Like
