Hope

PRESS RELEASE

Hope Christian School

The Board of Hope Christian School Incorporated reached the decision on December 23rd, 2011, that they had no option than to place themselves into voluntary liquidation and to cease operations immediately due to the apparent lack of cash flow to keep the school operating, a liquidator should be called in and the operation to cease immediately.

In the lead up to this painful decision, negotiations had been proceeding with a potential buyer for the Hope Christian School as a going concern.  But, we were notified on December 21st, 2011 that the potential buyer was withdrawing from negotiations. This left the Board with a serious liquidity crisis and no alternative but to cease trading and begin the liquidation process.

Following crisis talks with a number of parties over the Christmas – New Year week, the Hope Christian School staff and community were notified by mail and email that the school would not be re-opening for the 2012 school year and we, together with Christian Education National (CEN), are doing all we can to assist parents to access enrolments for their children in having similar schools provide for enrolments of students and with employment opportunities in other schools for our faithful staff.

Board Chairman, Mr Mick Agius, said: ‘The Board is devastated that this decision has come about as a consequence of a series of unexpected events and circumstances over the past twelve months.  However, we acknowledge our responsibility as directors under the law and have reluctantly accepted our duty to declare ourselves insolvent and, with the help of CEN and the liquidator, to seek to sell the school as an operating facility ready for use under a new owner.’ We are required to take this course due to the insolvency of the School’s financial situation.

The Board
Hope Christian School Incorporated
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