BDO Canada Limited has been appointed receiver for the Historic Owen Sound Golf and Country Club.
Bayshore Broadcasting News first learned of the move late Monday afternoon.
The 91-year old Stanley Thompson designed golf course will re-open to members on Wednesday.
Bill Courage — the Senior Vice-President at BDO — says paid up members can resume play for the balance of the season.
And Courage says members paying by instalments will be able to continue monthly payments and green fee play will be available as well.
But the clubhouse will not re-open this week.
The course went bankrupt earlier this month and owed the Bank of Montreal 1.1 millions dollars. It went into receivership last week.
BDO was also appointed receiver of Kenneth W. Rowe Limited — which is owned by the Owen Sound Golf and Country Club and owns land adjacent to the golf course.
The appointment follows the closure of the golf course by the Club’s Board of Directors back on July 6th and the resignation of that Board on July 12th.
Courage says once the initial maintenance of the course is complete and the operations started, they will continue with the sale process.
He says the method of sale has not been determined but they’re after a fair market value price for the assets.
He add’s that any proposed sale will require Court approval.
The former chair of the Board Bob Nicol estimates it would cost about five million dollars to build this Stanley Thompson designed golf course from scratch.
