The Tura Beach Tavern is owned by 27 shareholders from as far afield as Broome, Queensland, Victoria, Jindabyne and the local area. 

The News Weekly understands that Nic Ellis, of 2020 Solutions is the major shareholder and it was he who called in the administrator. One shareholder is believed to have wanted his shareholding back and it was this action that prompted the appointment of the administrator, Adam Farnsworth, of Dean-Willcocks Shepard, Sydney.

A voluntary administrator may be appointed by the principals of the company, the liquidator or provisional liquidator of the company or a secured creditor whose charge covers the whole or substantially the whole of the company’s assets.

Administrator, Dean-Willcocks Shepard states that appointment of a voluntary administrator is, in the main, limited to companies which are insolvent or experiencing financial difficulty. 

Mr Ellis confirmed the tavern’s poor financial situation in an email to the News Weekly, stating that “poor trading, lack of cashflow and ability to sustain losses” were behind his action in calling in the administrator

On Monday, November 26, creditors and shareholders met with Mr Farnsworth in the administrator’s office, Sydney, to discuss the situation.

Bob Brain, of Tura Beach was one of the shareholders present at the meeting. He told the News Weekly: “The Tura Beach Tavern won’t open until there has been a second creditors meeting on December 17 and a decision will be made then.

“Us creditors want to see it reopen to get some money in and take advantage of the Christmas trade. Ian Dickson, the manager said that it could easily be re-opened,” Mr Brain said.

But Mr Ellis doesn’t believe the pub will reopen and told the News Weekly that there were “no plans to reopen. It's with the administrators”. 

The clear difference of opinion by some shareholders, over the future of the pub could be the cause of some debate at the next meeting on December 17.

Following appointment, the voluntary administrator takes control of the company's operations and assets. However it is the creditors who ultimately determine the fate of the company. The voluntary administrator must form an opinion and make a recommendation to creditors as to how the company may be able to continue trading or alternatively be wound up.

This is not the first time that the pub has been in financial strife. The pub first opened in December 2006 when it was called the Chook and Ox Tavern, but in August 2008 the last beer was poured by licencee Dave Woods who said at the time that it was too difficult to make the pub pay.

In June 2009, it was reopened after Nic Ellis and the shareholders group bought the pub.

While it appeared to be doing well, the call by a single shareholder for his money, was enough to place the pub in financial jeopardy.

Now shareholders and creditors must sit tight for a further two and a half weeks before a decision is made. But as the clock ticks by so do the opportunities to cash in on pre-Christmas drinks and business parties.