Katoomba Golf Club is in liquidation, after a vote by creditors at a meeting last week.
The vote at least means employees will get $120,000 in unpaid entitlements — including holiday pay and leave loading — under a government-guaranteed scheme, according to the liquidator Brian Silvia.
“You can’t get paid until you’re in liquidation,” he said.
But staff will not get the tens of thousands of superannuation which had not been paid to them since February last year. The government guarantee does not cover superannuation.
Mr Silvia, from insolvency company BRI Ferrier, said the Reed Construction group, which sponsored the club, still faced financial difficulties.
“Reed has not been successful in securing funds to refinance his group’s activities,” he said.
And although Reed representative Garth Graydon “expressed some optimism’’ at the creditors meeting that money would be forthcoming, “the fact of the matter is that it hasn’t happened and creditors voted to put the club into liquidation,” Mr Silvia said.
The club shut down on July 1. It had incurred $4.6 million in trading losses in the past four years.
Mr Silvia said it had been able to keep going with money lent to it by Katoomba Escarpment Estate (KEE), a company associated with the Reed group. But KEE is now owed $9 million.
A number of club members have volunteered to keep working to maintain the course, as they have been doing since the doors were closed.
Mr Silvia said he would not be immediately selling the assets, including golf carts and poker machines, until he had investigated other possibilities.
The dining room, for example, may be able to be set up as a reception centre.
“We want to explore those options before we look to sell the assets,” he said.