The Cyprus Community of NSW Ltd has taken a major step towards financial stability after securing a new lender and successfully terminating the receivership over its assets.
The development follows months of legal proceedings and negotiations aimed at restructuring the Community’s debt and ensuring its future viability.
Refinancing and End of Receivership
In February, the administrators – appointed in September 2024 – obtained court orders facilitating the Community’s refinancing. The Supreme Court of NSW required Cyprus Capital Limited (CCL) to cooperate and release its security upon repayment.
On 28 February 2025, refinancing was completed, with Avari Credit 46 Pty Ltd replacing CCL and Sydney Wyde as the Community’s secured lender. Consequently, the receivers Neil Cussen and Michael Billingsley, appointed in October 2024, officially ceased their role on 24 February 2025, returning full control of the Cyprus Club, its operations, and assets to the administrators.
Next steps for members
In its latest update to members and creditors, EY provided an update on the Community’s financial restructuring and outlined the next steps for its future governance and property strategy:
- Property strategy review: Seeking updated proposals for the club and its real estate.
- Property advisory committee: Comprising EY’s Real Estate Team and member representatives to assess options.
- New board formation: Identifying candidates for election.
- Constitution review: Updating governance structures to align with current needs.
- General meeting: Holding an EGM or AGM for members to vote on key decisions, including the new board, constitution, and property strategy.
Membership reinstatement and new applications
The administrators have confirmed that any member who has been banned or expelled will have the opportunity to apply for reinstatement to the Community.
A process will be established by the administrator, and applications will be reviewed and assessed by the incoming future board based on the merits of each application.
With respect to new memberships and renewals, the administrators are working with Community management to re-establish processes for new member applications and membership renewals in accordance with the Community’s constitution.
Investigating historical financial concerns
The administrators acknowledge concerns about past financial misconduct and invite members with relevant information to come forward.
As the Community moves forward, member engagement will be crucial in shaping its future and long-term stability.
Upcoming member information session
An information session at the Stanmore clubhouse will be held in the coming weeks. Details will be provided via post, email, and the clubhouse noticeboard. Members are urged to engage in a respectful and constructive manner.
For all membership reinstatement applications, members are encouraged to contact the administrators directly at CyprusCommunity@au.ey.com.
