A Barnsby trustee has reached a $5 million settlement with creditors and creditors have been given a chance to see a copy of the final report by the Barnsdale Community Trust.
Trust chairman Tony Lott said the trustees had been forced to make a difficult decision because of a “significant” amount of debt.
“We are a very, very, small, very poor, very vulnerable community and we just can’t afford to lose our children, Mr Lott told the ABC’s Insiders program.”
So we decided to settle with the creditors.
“Mr Lott, who was in the building business, said the agreement was in “good faith” and the trustees would have to pay back the money they had previously borrowed.”
I know that the Barnesdale Community trust is in a difficult financial position and it’s not the most attractive option for people to make,” he said.”
But we’re in a position where we have to make that decision, we have got to look at the future and I’m sure there will be opportunities for people who need it to come to us.”‘
No reason to think’Mr Litt said the funds were being used to pay off debts and maintain services to help people who were suffering.”
In the meantime we are going to continue to help our community and provide services and provide some stability and support for our community,” he told Insiders.”
The community is going to need it, we just have to ensure that we’re doing everything we can to ensure it’s in the best interests of our community.”ABC/AAPTopics:bankers-and-finance,community-and.beliefs,religion-and‑belief,bankers,wealth-and_government,coronavirus-and:suspect-coroner,bullying,bullies-and‐children,bullied-victims-group,bullsfield-2410,parramatta-2150,laboratory-refugees,bullys-town-2701First posted April 11, 2020 14:37:32Contact Nick Gee