The Administrators of Greek community group, The Order of the Australian Hellenic Educational Progressive Association (AHEPA) NSW Inc, have paid a dividend to the majority of creditors to the sum of over $2 million which represents a 100 cents in the dollar return to unsecured creditors.
The Association, which is one of the oldest in the Greek community - starting in Australia in 1934 - entered Voluntary Administration in September 2020 owing $3 million to creditors.
The amount owed related 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, were appointed as administrators.
Mr Hird said the majority of unsecured creditor claims had been paid following the creditors resolving on December 16, 2020 to vote in favour of a Deed of Company Arrangement.
"The control of the Association reverted to the Committee of Management on the signing of the Deed on 18th December 2020," Mr Hird said
"The role of the Deed Administrators since then has been to administer the Deed, adjudicate creditors' claims and pay the unsecured creditors their dividend.
"The Association can now get on with plans for the future."
