In a press release The Greek Herald received today by The Capital Group, it has been announced that the Order of AHEPA NSW Inc has entered voluntary administration. This is sad state of affairs for all involved and ultimately, both parties will be impacted negatively and this is nothing more than a cost to the Greek Australian community.
READ MORE: AHEPA NSW Inc victory short lived as Court of Appeal overturns decision.
PRESS RELEASE:
Greek Community Association, The Order of AHEPA NSW Inc has appointed Michael Hird and Alan Walker of Cor Cordis as Administrators to recover approximately $3.5 million owed to creditors.
The amount owed relates primarily to legal and consulting fees connected to longstanding internal corporate governance issues and a proposal to redevelop the Bexley Bowling Club.
The Bexley Bowling Club proposal sharply divided members of the Association and exacerbated historical differences amongst members concerning membership and constitutional issues.
The Supreme Court of NSW has dealt with the Associations governance issues on no less than three occasions in recent times with the NSW Court of Appeal finally determining the issues on 26 August 2020.
Draft orders were made by the NSW Court of Appeal and have yet to be finalised.
Cor Cordis Director, Michael Hird, said the aim of the Administration was to maximise the return to creditors and to preserve, as much as possible, the Association’s assets.
He will also assist the Association to implement changes that may be ordered by the NSW Court of Appeal that may enable the Association to return their efforts to the admirable objectives of their charter.
“Our intention is to reach an amicable, fair and productive outcome for the Association which
has a rich history having been first established in Australia in 1934.”
The next report to creditors is planned to be finalised on 8 October 2020, with a second meeting to follow. Creditors will be advised in due course.
