Golden Shores Holiday Club Limited

Golden Shores Holiday Club Limited (Golden Shores) operated the timeshare scheme for the property at 210 Marine Parade, Labrador (Property).

Matthew Bookless and Anne Meagher were appointed as Statutory Trustees for the sale of the Property. The Property was sold in July 2024, with settlement occurring in November 2024.

Following the sale of the Property, Golden Shores commenced a Members’ Voluntary Liquidation (MVL) in November 2025. An MVL is a process for winding up a solvent company and distributing any surplus funds to its members (shareholders).

There are:

• 1,632 member interests in the timeshare (Member Shares); and
• 1,632 interests in the legal title to the Property (Title Shares).

In most cases, parties hold both a Member Share and a Title Share, although this is not always the case.

Distributions to members and distributions to titleholders are calculated separately and paid from legally separate pools of funds.

The Property was sold for $8,750,000.

Agents’ commission and settlement adjustments (including rates, land tax and water charges) totalled $129,706.18.

As the Property was operated as a timeshare, the net sale proceeds were apportioned in accordance with a formal valuation methodology, as follows:

• Golden Shores (in respect of shareholders) – $7,728,035.63 and
• the Statutory Trustees (in respect of titleholders) – $892,258.19.

These funds are legally separate and are dealt with independently.

After receipt of the Property sale proceeds on 10 December 2024, the following funds were available to Golden Shores:

Between 10 December 2024 and the date of the Liquidator’s appointment on 24 November 2025, the Company’s cash position changed as follows:

The loan from Beneficium (Int) Pty Ltd was obtained to assist with cash flow constraints experienced by the Company following its deviation from the ordinary course of business in anticipation of liquidation.

As a result, the Company’s cash at bank as at 24 November 2025 (the date of the Liquidator’s appointment) was $1,152,268.43. These funds will be applied first towards the costs of the liquidation, with the balance to be distributed to members in accordance with their entitlements. Outstanding costs of the liquidation include dividends previously declared but unpaid, totalling $552,961, which will be addressed as part of the final distribution process.

A full breakdown of the receipts and payments of the Liquidation will be provided when the Liquidation is finalised.

All available funds after liquidation costs will be distributed to members in a single distribution.

All Member Shares rank equally. Any distribution will be paid equally per Member Share, regardless of the original purchase price paid.

Based on current estimates, the distribution is expected to be in the range of approximately $380 to $430 per Member Share. This estimate is subject to finalisation of taxation matters, including the position outlined in Question 8 below.

Prior to the Liquidator’s appointment, dividends were declared but were not paid to certain members due to incomplete or unsuccessful payment arrangements at the time.

The total amount of those unpaid dividends was $552,961 as at the date of appointment. These amounts relate only to the affected members and do not represent an additional entitlement available to all members.

The position in relation to these unpaid dividends will be addressed as part of the liquidation and final distribution process.

Funds held by the Statutory Trustees in respect of Title Shares are not assets of Golden Shores and are not available for distribution to members.

The Statutory Trustees have recently made a first and final distribution of $360.95 per Title Share, and relevant correspondence has been issued directly to titleholders.

Members are not required to take any action in relation to titleholder matters.

Before making a final distribution to members, the Liquidator is required to obtain clearance from the Australian Taxation Office (ATO) confirming that Golden Shores does not have any outstanding statutory tax liabilities.

To do this, all outstanding tax returns must first be prepared and lodged. There was some delay in finalising these lodgements due to changes required in the Company’s external accounting support following the Liquidator’s appointment, which necessitated engagement of alternative accounting resources and a detailed review of the Company’s historical records.

Those tax lodgements are now progressing, and the Liquidator is aiming to lodge the remaining returns by the end of June 2026.

Once lodgement is complete, a formal request for tax clearance will be submitted to the ATO. The timing of any response depends on the ATO’s processing time and is outside the Liquidator’s control.

Members will be kept informed of any material developments.

General interest charges were applied by the ATO following the outcome of a GST ruling relating to the sale of the Property.

An application is being made to the ATO seeking remission of those interest charges. If remission is granted, this would increase the funds available for distribution to members.

Remission of interest charges is not required before a final distribution can be made. If tax clearance is received before the remission process is complete, the Liquidator intends to proceed with the distribution without delay.

Yes. Funds held by the Company are in an interest-bearing account.

You are not required to do anything further at this stage.

You do not need to call or email the Liquidator or Statutory Trustees.

Due to the number of members, it is possible that the costs associated with the liquidation could increase significantly in the event of unnecessary communication with members, which will reduce the amount available to distribute to members.

To update your contact details, email goldenshores@svp.com.au

I will provide further details for updating your payment details in due course.

I will post updates here and notify members of major developments from time to time.

Please avoid calling or emailing my office unless it is essential, as this will increase the costs of the liquidation, thereby reducing the return to members.