South Head out of liquidation

November 8, 2019 by J-Wire Newsdesk
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The South Head & District Synagogue (Sydney) (South Head) was formally taken out of liquidation and resumed its status as a solvent company.

This has been achieved through a refinancing of debts, donations and other funds raised from members of Kehillat Kadimah Limited (Kehillat Kadimah).

The Board has acknowledged the generosity of those who have contributed financially, as well as dedicated their time to achieve this successful outcome.

In a letter to congregants, the Directors of both South Head and Kehillat Kadimah wrote: “This is another critical milestone in the rejuvenation of our strong, growing and vibrant community. It provides absolute certainty that 662-666 Old South Head Road is our community’s home. This is the foundation in our aspiration to be a comprehensive multi-generational, Orthodox community based in what we envisage will become a busy communal centre.

Notwithstanding the strong response and support received during the High Holy Days and at the Kol Nidre Appeal, it has been necessary for Kehillat Kadimah to put in place bridging loans in order to complete the recapitalisation of South Head. Taking South Head out of liquidation provides sufficient time to implement medium and longer term repayment strategies, without the costs and pressures associated with insolvency.

Before the end of the year we will call a meeting of both South Head (being the owner of the property) and Kehillat Kadimah (being the community) to formalise the long term legal relationship between these entities. This will also set out the financial position of our community. In the interim, the Directors of South Head are set out below.

As evidenced over the High Holy Days, our community has an exciting future. Today’s news means that we can start delivering on this together and continue moving forward together as we build our community centre to be a home for us all.”

Comments

One Response to “South Head out of liquidation”
  1. Monty Dirkson says:

    What wonderful news.Let us hope that the future of the kehilla is a blessed one.

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