A brief press release has announced the rescue of Queensland Theological College (QTC) which has been in danger of losing its property.
“‘A Future QTC Ltd’ is pleased to announce that it has signed a contract with the PCQ Receivers and Managers to purchase 369 Boundary Street, Spring Hill (this sale is subject to the approval of the Supreme Court of Queensland).”
The Presbyterian Church of Queensland is in receivership due to the collapse of Prescare, the aged care company owned by the denomination. Because the aged care company was not separately incorporated, the church’s assets are in danger of being sold to pay any liabilities. Among these liabilities are the receiver’s fees – for this reason the inner city property of QTC, owned by the denomination had been put up for sale,
The price for the property has not been disclosed at this stage, but a combination of funds received in an urgent fundraising appeal and a loan has been discussed. As ‘A Future QTC Ltd’ is a separately incorporated company the College property will be free of the receivership process.