A public report from liquidators Insolvency Management Ltd says the trust owes 24 creditors $49,077.19.
The debts should be covered by the sale of the trust's main asset, the United Services Community Club rooms at the corner of Prince Albert and Bay View Rds in South Dunedin, the report says.
The timing of the payment, however, is fully dependent upon the sale of the assets. The rateable value of the property is $740,000.
Patrons were first locked out of the clubrooms without explanation in late June.
Trust chairman Paul Chamberlain's application to put the trust into liquidation was granted by the High Court on July 4.
The report says the application followed a trustees' meeting, where it became clear the trust's viability was in jeopardy.
Operations were running at a loss, depleting the trust's reserves.
"As with a number of organisations, the trust was having difficulties with cash flow ..."
Its assets consisted of the land and buildings at 3 Prince Albert Rd, some office fittings, tables and chairs and a small amount of residual stock. There is a mortgage on the building.
Once the land and buildings were sold and the creditors repaid the liquidators would make an application to the court for directions on the payment of the surplus funds.
The extensive collection of memorabilia inside the clubrooms was not viewed as an asset of the trust and liquidators would arrange for its return to the appropriate bodies.
The liquidators expected, if the building sold promptly, to complete the administration of the liquidation by December 24 this year.
Iain Nellies, from Insolvency Management, said he hoped the building would be on the market within a month.
