The Deed Administrators of Greek Community Association, The Order of AHEPA NSW Inc, Michael Hird and Alan Walker of restructuring and insolvency firm, Cor Cordis, 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.
Mr Hird said the majority of unsecured creditor claims have now been paid following the creditors resolving on 16th December 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.”
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.