"I told you we'd do it!" barman Tony Moorehouse yelled triumphantly, expressing the mood of the crowd which had gathered to celebrate the salvation of the Club in the Scrub.
The club has passed through the darkest days of its history in the past few months, but on Tuesday it emerged out the other side when creditors met and decided not to send the club into liquidation.
Instead they have accepted a Deed of Company Arrangement that will see them get just 16 cents in every dollar that is owed by the club, far less than the 50 cents originally hoped for.
The club had amassed debts of more than $300,000, the majority of which was owed to the Australian Taxation Office (ATO).
The ATO representative said they would not normally accept such a small amount, but in this case the club was so important to the community they could not justify closing it down.
The people of Grawin had help in their fight from the high levels of Government.
Member for Gwydir and former deputy prime minister John Anderson spoke to the minister of finance and state revenue on behalf of the club.
In a letter of support he said: "The club embodies the ideals of community spirit through its focus on maintaining and building community and family values."
Bruce Duncan, who has been one of those working overtime to save the club, said he was overwhelmed when it became apparent the club doors would remain open.
"I was very emotional, no doubt, because this gives us a chance to survive," he said.
"I couldn't believe the ATO were so generous. It goes to show they're not as bad as some people think."
He said the club now had to make the most of this second chance at life.
"We've got to perform, it's as simple as that. Whoever is on the board from now on will have to be very diligent and understand the way a club is run. The 21st century has caught up out here and we have to run it as a proper business. We can't afford to be too trusting anymore."
Investigations are still continuing into exactly how the club got into such a dire financial position.
It is difficult to gain a full appreciation of what went wrong because the paperwork has not been kept properly.
Apparently, no audited accounts have been prepared or disclosed to the directors or members since June 30, 2001.
Club administrator Robert Brennan was critical of former secretary-manager Richelle McGrath in his report to creditors.
"Based on my investigations it appears that the secretary-manager failed to keep the directors informed as to the true financial position of the club and the club's failure to comply with their statutory and taxation obligations," he wrote.
There are several offences that are suspected to have taken place at the club, including:
o Failure to prepare annual financial statements and directors' reports;
o Failure to complete an annual audit and auditors' report;
o Failure to hold an annual general meeting of members, and
o Failure to lodge financial reports with ASIC.
It is also thought by the administrator that the club may have been trading while insolvent, perhaps since as far back as July, 2001.
The club may have a stay of execution, but it is not yet out of the woods. It must now continue to raise funds to pay back all those who loaned it money to get it out of the worst of its financial trouble.
This Saturday there will be a huge party at the club, with the band Black Feet providing free entertainment.
All are encouraged to attend to show their continued support for the Club in the Scrub.
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