The Cyprus Community of NSW held a critical and highly charged members’ meeting on 14 March 2025 at the Cyprus Club in Stanmore, where administrators from Ernst & Young (EY) provided extensive updates on the club’s financial position, governance plans, and next steps.
The meeting, which delivered a substantial amount of financial and legal information, saw heated exchanges during question time, particularly over the urgency of elections and the reinstatement of expelled members.
Financial position and court proceedings
EY Administrator Morgan Kelly confirmed that the Community’s refinancing had been completed, successfully ending the receivership.
The Community paid $5.84 million to Cyprus Capital to clear secured debt, while a disputed $1.09 million in fees remains before the Supreme Court, with the amount currently held by the court.
Kelly emphasised that full control of the Community is now in the hands of the administrators, ensuring financial stability and transparency moving forward.
Administrators presented detailed financial statements:
- Opening cash balance (Sept 2024): $1.6 million
- Total revenue received (as of March 2025): $2.63 million
- Major expenses paid: $1.33 million
- Current surplus in accounts: $1.3 million
Additionally, the receivers’ financial report (covering October 2024 – February 2025) revealed that $400,000 was paid to Cyprus Capital, while $308,000 was spent on receivers’ remuneration and expenses.
Next steps: Elections, property strategy, and governance
With the club’s finances stabilised, the focus now shifts to returning control to members. Administrators outlined the steps ahead, including:
- Establishing a Property Steering Panel to evaluate the club’s real estate options (retaining, redeveloping, or selling).
- Board elections to be held, with members invited to nominate candidates.
- A review of the club’s constitution, with proposed changes to be voted on at an AGM or EGM.
- A general meeting (AGM/EGM) where members will decide on: (1) The new board, (2) Governance changes, and (3) the club’s property strategy
Administrators emphasised that any major decisions—including the future of the property—will be voted on by members.
Membership reinstatement and expelled members’ demands
The status of expelled members became a major flashpoint during the meeting. Administrators confirmed that expelled members will have the opportunity to apply for reinstatement, but the final decision will rest with the incoming board.
While new memberships are being encouraged, final approvals will also be determined by the newly elected board. In the meantime, renewals are being processed via email or in person at the club.
Tensions rise during question time
As the presentation concluded, the meeting became increasingly heated, particularly regarding the urgency of board elections and the presence of expelled members.
Several members forcefully demanded immediate elections, despite Kelly having already explained that elections would follow a structured process, including a member vote.
Adding to the tension, several expelled members were in attendance as observers. Some became visibly aggravated, loudly demanding their memberships be reinstated on the spot. Administrators firmly stated that no automatic reinstatements would occur, and each case would be reviewed individually by the incoming board.
Kelly reiterated that while administrators are facilitating the process, it will ultimately be up to the members to decide the Community’s future through elections and votes at the upcoming AGM/EGM.
Looking ahead
While the original target to exit administration was 23 April 2025, delays caused by ongoing court proceedings mean this is likely to be extended to July or August. A detailed report will be issued to members ahead of the final creditors’ meeting, covering:
- The club’s financial position
- The status of court proceedings
- Property strategy options
- Governance and constitution updates
A pivotal moment for the Community
With elections, property decisions, and governance changes ahead, the next few months will be crucial. Administrators urged members to stay engaged, nominate for board positions, and take part in votes that will determine the Community’s long-term future.
For membership renewals and inquiries, members can contact CyprusCommunity@au.ey.com.
The meeting marked a major step forward for the Cyprus Community of NSW, but also highlighted ongoing tensions and differing views on the best path ahead. With elections and governance votes approaching, members will soon have their say on the Community’s future direction.
