The Star Observer (Gay & Lesbian Community Publishing Limited) has entered voluntary administration, with the board of directors appointing Trent McMillen from MaC Insolvency as Administrator on 10th May 2019.
Founded in 1979, the Star Observer is the news journal of record for Australia’s LGBTI communities.
According to Sebastian Rice, Chairman of the Star Observer, “Cash flow is the lifeblood of any small organisation. The Star Observer is an LGBTI community owned not-for-profit that has always relied on advertising revenue to raise money. We do not receive any government funding.”
“The board saw an unexpected slowdown in our advertising clients paying their bills, which caused us to run low on cash in the bank. We needed to enter voluntary administration to protect our creditors and staff, and provide a chance for the Star Observer to survive.”
“I want to thank our very dedicated staff and volunteers, who have put in a huge effort over the last few years.”
The administrator is currently exploring options to save the business.
Options being considered include a sale of the business as a going concern and/or proposing a Deed of Company Arrangement to avoid liquidation, and to allow the business to continue to trade and meet its obligations.
Any deed would be formulated and presented to creditors in the next thirty days.
The Administrator is keen to hear from any party or organisation interested in the business and/or preserving the Star Observer as an ongoing news journal.
For further information contact MaC Insolvency at email@example.com.