Leaseholders of Raceway Park, Heathcote, Steve and Jenny Bettes last week appointed a "voluntary administrator" to try and trade their way out of financial difficulties, but following the failure of a creditor's meeting to find a solution, the administrator has had no option but to commence the winding up of their brief operation.

The basic outline of this action is that the company (Raceway Park Heathcote Victoria Pty. Ltd.) has ceased trading activities as of April 20.

Steve Bettes was hesitant to make any comment about the situation and referred us to the administrator, Greg Keith, of Grant Thornton, who informed us that a meeting of creditors was held in Melbourne on April 27.

A proposal was made to the landlord before this meeting that the rent and the percentage of the income payable as rent be reduced for the winter period. Apparently it was felt by the administrator that this would have allowed the company to trade out of its financial difficulties.

The landlord made no response regarding the proposal and as a consequence, the likelihood of Raceway Park being able to trade out was reduced to virtually zero and the keys to the Raceway Park complex were returned to the landlord.

Mr. Keith did comment that it was an unusual meeting for such an occasion, where the creditors are usually in a belligerent mood. On this occasion all in attendance were sympathetic to Bettes, and in themselves were willing to try and find alternative solutions to the situation.

The Bettes undertook to re-establish drag racing at the Bendigo region track last October, but have been dogged by bad weather, and as a result, poor crowds. The situation was exacerbated by the expenditure of a considerable sum of money on capital improvements, including full quarter mile concrete safety barriers. All these capital improvements now accrue to the track owner.