Pass the plate: Presbyterian Church has run out of cash, calls in receivers
The Presbyterian Church of Queensland has gone into receivership, raising questions about the fate of its aged-care facilities, schools and other operations, including the prestigious Fairholme College in Toowoomba.
Receivers PwC Australia intend to continue operations while it carries out a sweeping review of the churchâs activities and financial position.
Reverend Dr Philip Strong, PCQâs moderator, said the decision to enter receivership was âregrettable but necessaryâ to ensure the churchâs legal entity, PCQ, can continue serving the community.
PCQâs current operations include PresCare, a provider of residential aged care and Presbyterian ministry services, the Queensland Theological College in Brisbane, and Fairholme, a P-12 boarding and day student girls school in Toowoomba.
Fairholme has built a reputation for educating and training some of the nationâs best athletes. Alumni include Olympians Cathy Freeman, Emilee Cherry and Sally Kehoe.
âWhile our team has worked hard for more than a year to restructure the operations, historical contractual arrangements have made this extremely challenging,â Strong said.
âI know that todayâs announcement will be unexpected for our congregations, employees, residents, students and the community. Our priority has always been and will continue to be their wellbeing.â
Michael Owen and Phil Carter from PwC Australia said they would work closely with stakeholders while the entityâs affairs were examined.
âWe plan to continue to operate the services that PCQ provides across the community on a âbusiness as usualâ basis while we conduct this review, and we will update stakeholders further once this initial assessment has been completed,â they said in a statement.
Prescare operates six aged care and retirement homes across Queensland and also provides home aged care services.
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