Church gets green light to sell three nursing homes to help meet its debts
A Supreme Court judge has approved receivers of the Presbyterian Church of Queensland selling three nursing homes to help keep the services going and prop up the church’s ailing finances.
The Presbyterian Church in Queensland has been given permission to sell three of its nursing homes to help meet debts. (Photo: Getty: Resolution Productions)
The receivers who were appointed in May had sought directions from the court on a contract to sell three of PCQ’s five aged-care homes in Queensland to Apollo Care.
In a judgment published on Monday, Justice Susan Brown says a robust process was carried out to obtain an offer to reflect market value for the homes operated by PresCare in Rockhampton, Maryborough and Granville.
This would result “in a reputable party experienced in aged care purchasing the properties as aged care facilities which will minimise disruption to the residents”.
PCQ would continue to provide pastoral care to the residents and the sale proceeds would be used to keep PresCare’s remaining aged-care homes operating while the receivers assess options for them.
“The sale will result in PCQ having significantly reduced liabilities,” Justice Brown said.
All five homes have been operating at a loss and were being supported by Department of Health funding, which is due to cease on June 30.
The receivers at PwC Australia said in May they intend to continue all PCQ’s operations while reviewing the church’s activities and financial position.
As well its the PresCare homes, PCQ’s operations also include the Queensland Theological College in Brisbane and Fairholme College, a day and boarding school for girls in Toowoomba.
