The Macquarie Greek Studies Foundation has entered voluntary administration, with an external administrator appointed to take control of the organisation.
According to records lodged with the Australian Securities and Investments Commission (ASIC), Timothy James Cook of Balance Insolvency was appointed administrator on 15 March 2026.
Under Australia’s corporate law framework, voluntary administration is a process in which an independent administrator is appointed to assess an organisation’s financial position and determine possible next steps, including restructuring, returning control to directors, or winding up the company.
The Foundation’s Annual General Meeting (AGM) was held at Ramsgate RSL on Sunday, March 15, where members adopted the audited financial statements for the year ending 2025 and elected six directors unopposed to fill board vacancies.
Leon Bombotas chaired the AGM after Board Chair Theophilus Premetis allegedly did not attend.
Mr Premetis has disputed this account and told The Greek Herald he briefly attended at the outset of the meeting, opened proceedings and informed those present that the organisation had entered voluntary administration before leaving. Minutes of the AGM reviewed by The Greek Herald, however, record that he was not present when the meeting formally proceeded.
Following the meeting, Mr Bombotas issued a statement to The Greek Herald addressing rumours circulating that some directors may have been considering placing the Foundation into voluntary administration.
“At this stage there has been no formal notification of such a step to the Secretary or to the meeting,” Mr Bombotas said.
However, corporate records reviewed by The Greek Herald show that the Foundation was placed into voluntary administration on 15 March 2026.
Mr Bombotas noted that the audited financial statements adopted at the AGM related to the reporting period ending in 2025 and that, since that reporting period, the Board had not yet received a full written financial update for the current period other than a verbal briefing from the Treasurer.
According to Mr Bombotas, the Treasurer had previously informed the Board that the Foundation’s “Taverna Night” fundraising event held in November had been profitable, while a one-off donation to the University of Ioannina in October had been approved by the Board at the time.
“Based on the information currently available the Foundation remains solvent and there is nothing to indicate that it is unable, or likely to become unable, to meet its financial obligations,” Mr Bombotas said.
AGM tensions over nominations
Prior to the commencement of the AGM, tensions arose over the administrative handling of director nominations and proxy forms submitted ahead of the meeting.
Secretary Sam Giovas reported that 12 director nominations were received but only six were deemed valid, while 17 of 31 proxy forms were accepted following a compliance review under the Corporations Act and the Foundation’s constitution.
Some attendees strongly disagreed with the decision to rule certain submissions invalid, with venue staff and security called to manage the situation before the meeting proceeded.
Once underway, the meeting confirmed a quorum and adopted the financial statements without questions from members. Six nominees – Vasilios Skandalakis, Zoe Re, Nicholas Giovas, Paris Paranomos, Bill Cotsis and Ted Dorotheos Tzovaras – were declared elected to the board unopposed.
Members also unanimously passed a resolution calling for improved governance and compliance practices within the Foundation.
Mr Bombotas said the election of several former presidents of the Macquarie University Greek Association (MUGA) represented a generational renewal for the Foundation as it reflects on its future direction following the discontinuation of the Modern Greek Studies program at Macquarie University.
The Macquarie Greek Studies Foundation is structured as a public company limited by guarantee and was established to support Greek studies initiatives linked to Macquarie University. The company is also listed as a registered charity and is regulated by the Australian Charities and Not-for-profits Commission (ACNC).
With the appointment of administrators, the organisation now enters a formal administration process while its financial position and future operations are assessed.
Editor’s note: This article was updated on 16 March 2026 to include a response from Theophilus Premetis.
