The troubled Port Kembla RSL has been placed in liquidation after administrators were unable to dig the club out of its deep financial troubles.
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The club closed its doors suddenly in early May after the appointment of Blair Pleash and David Ingram of the firm Hall Chadwick as voluntary administrators.
Yesterday a spokeswoman for the administrators confirmed they had now taken the more dramatic step of placing the club in liquidation.
Further details about money owed and the payment of staff entitlements are yet to be released.
Club member and Port Kembla Chamber of Commerce president Ian Fulford attended a meeting on Tuesday night that was told liquidation was the best course of action.
Mr Fulford said he felt it was the right move for the club and the best chance of a positive outcome for all involved.
"This club needs a fresh, clean start," he said.
"Liquidation doesn't mean just throwing everything in the bin; what it means is that we can move on now because administration is a messy process where you're robbing Peter to pay Paul.
"It's a new beginning, it's just a different means of being able to get to the bottom line."
Mr Fulford said he was confident an interested party would save the club, which is believed to be in debt to the tune of $900,000.
At a public meeting held late last month, members vowed to make a last-ditch effort to save their club and come up with a plan before a deadline of July 2.
They called for donations from the public and planned to approach the bank to offer financial guarantees from members.
The club, which has 2000 members, operated from a building owned by the Port Kembla RSL sub-branch.
The two are separate entities but the sub-branch has been locked out of its offices since early May.
The RSL sub-branch is one of the oldest in Wollongong and holds a large collection of wartime memorabilia provided by people from the region.
