The Acting Registrar of Indigenous Corporations, Mr Gerrit Wanganeen, has extended the special administration of the Townsville Aboriginal and Torres Strait Islander Corporation for Media until 30 June 2022.
Known as ‘4K1G’, the corporation was placed under special administration since 14 June 2021. The purpose of the special administration was to address serious financial solvency and viability issues, as well as bring the corporation back into line with the requirements of the Corporations (Aboriginal and Torres Strait Islander) Act 2006 and the corporation’s own rule book.
‘Although the financial situation has improved, full turnaround has been hampered by covid-related disruptions since Christmas with high case numbers in Townsville and the special administrators also contracting covid during this period,’ Mr Wanganeen said.
The corporation has already made significant improvements to program content to deliver greater value for community. It's now commencing a process to sell its property with the intention to lease back a small portion of the building to continue broadcasting operations.
Mr Wanganeen added, ‘The special administrators are closely monitoring the financial position of the corporation. While there is currently an adequate level of working capital, the sale of the property is needed to pay off pre‑special administration creditors.’
Mr Neil Michel and Mr Mark O’Shea from the firm Enmark Pty Ltd will continue as the special administrators.
Background
See the Registrar’s previous media releases:
- Airing the issues at Townsville’s 4K1G—14 June 2021 (MR2021-20)
- Townsville 4K1G radio station special administration extended—17 September 2021 (MR2122-03)
- Rescue of 4K1G radio needs more time—17 December 2021 (MR2122-06)
Media contact
Lisa Hugg 0477 762 290
ORIC MR2122-10
18 March 2022