14/03/2018 - 15:00

NYFL into administration

14/03/2018 - 15:00

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Roebourne-based indigenous group Ngarluma Yindjibarndi Foundation, which employs more than 50 people at its business operations throughout the Pilbara, has been placed into voluntary administration.

NYFL into administration
NYFL has business interests throughout the Pilbara. Photo: Updated

Roebourne-based indigenous group Ngarluma Yindjibarndi Foundation, which employs more than 50 people at its business operations throughout the Pilbara, has been placed into voluntary administration.

Jeremy Nipps and Cliff Rocke from Cor Cordis were appointed as administrators yesterday, with a $2.5 million tax debt looming over the group.

NYFL has around 1,400 members with business ventures that include a cleaning and gardening contract with Dampier Salt at its three Pilbara sites, a tyre store and cafés in Roeburne, Karratha and Hedland.

As well as its commercial earnings, the group receives income from the North West Shelf Venture under a life-of-project agreement.

Mr Rocke said he would begin assessing asset sales.

“This current administration inherited a large exposure to the Australian Tax Office of some $2.5 million and the current operations aren’t viable enough to repay that amount of debt in a short term of time,” he said

Mr Rocke said the group was ‘asset rich, cash-flow poor’.

“The administration is going to give the foundation an opportunity to consider its investments, realising some of the underperforming investments with a view of repaying all creditors in full,” he said.

 

 

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