The Administrators of Greek community group, The Order of the Australian Hellenic Educational Progressive Association (AHEPA) NSW Inc have adjourned the second meeting of creditors for no more than 45 business days.
AHEPA NSW Inc has gone into voluntary administration owing approximately $3 million to creditors.
The amount owed relates primarily to legal fees and also for consulting fees connected to a proposal to redevelop the Bexley Bowling Club.
AHEPA planned to demolish Bexley Bowling Club in Laycock Street, Bexley North to build a new two-storey registered community club under a $7.43 million proposal.
Michael Hird and Alan Walker of restructuring and insolvency firm, Cor Cordis, have been appointed as administrators.
Mr Hird advised creditors on October 15 that he had received one deed of company arrangement (DOCA) and was waiting to receive another and that he would review both deeds and provide a supplementary report to creditors following this review.
A deed of company arrangement is a binding arrangement between a company and its creditors governing how the company's affairs will be dealt with.
The second meeting can be reconvened within five business days.
Administrator Michael Hird of Cor Cordis said , "The Administration is following due process and it is our intention to come to a successful resolution maximising return to creditors and leaving the Association in a stronger position."
Cor Cordis is a national business advisory firm specialising in turnaround, restructuring and insolvency. Established in 2005, the firm has successfully grown into a national practice providing a full range of business advisory services.