The Ralan Group which operates and manages both P

first_imgThe Ralan Group, which operates and manages both Paradise Resort and The Ruby Collection on the Gold Coast in Queensland, has appointed Voluntary Administrators, Graham Thornton Australia, effective 30 July 2019.Directors of The Ralan Group are understood to have felt that the company was in a stressed financial situation and decided that Voluntary Administration was the best path forward, as the companies were either insolvent or likely to become insolvent.While the Administrators remain in control, the Group says it is business as usual for The Ruby Collection and Paradise Resort, with existing guest bookings remaining valid, and both properties accepting future bookings at this point in time.In a statement from Grant Thornton Australia yesterday, Said Jahani, National Managing Partner – Financial Advisory, said:.“The Administrators are undertaking an urgent financial assessment of the Group and will be holding a first meeting of creditors shortly. While we are still conducting our initial investigation, there are a range of small to large creditors. The total value of creditors is still to be confirmed but initial indications are around $500m owed across the group.“In terms of the operating businesses within the Group, it is as far as possible, business as usual. We are working closely with key stakeholders to identify and preserve value for creditors.”The total value of creditors is still to be confirmed but initial indications are around $500m owed across the group.“We are working closely with key stakeholders to identify and preserve value for creditors,” Mr Jahani added.Questions regarding payments from The Ralan Group can be address to Kegan Nash at Graham Thornton Australia – kegan.nash@au.gt.comlast_img

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