ASIC has commenced proceedings in the Federal Court as part of its ongoing investigation into the collapse of the Youpla Group entities.
The injunctive proceedings seek to preserve a property part owned by a former director, Mr Bryn Jones. The purpose of ASIC’s action is to protect the interests of aggrieved persons, namely the Youpla Group entities, and preserve the asset for their benefit.
ASIC is currently investigating the conduct of the current and former directors of the Youpla Group entities for alleged contraventions of the Corporations Act.
ASIC obtained interim orders on 13 December 2022. Orders were made on 20 December 2022 by way of consent.
The matter is to be listed for a further hearing no later than 31 May 2023.
Youpla Group customers do not need to take any action. They should continue to contact the liquidator, SV Partners, with any enquiries.
Visit ASIC’s Youpla Group key matters page or NSW Fair Trading’s Youpla Group page for more information on the liquidation of the Youpla Group entities.
20 December orders (PDF 163 KB)
Seven Youpla Group entities went into liquidation between November 2021 – April 2022. Mr David Stimpson of SV Partners is the liquidator for the entities in the group.
Mr Jones was a director of ACBF Community from October 2017 to January 2021, a director of Youpla Group, ACBF 1, ACBF 2, ACBF Plans and Youpla Admin from December 2017 to January 2021 and CEO of Youpla Admin from September 2019 to December 2020.
On 28 October 2022, ASIC and NSW Fair Trading jointly applied to the Supreme Court for orders appointing special purpose liquidators to investigate whether money can be recovered for creditors of the Youpla Group companies. On 8 December 2022, the Court made orders appointing Mr Derrick Vickers and Ms Melissa Humann of PwC as special purpose liquidators of the Youpla Group entities. Mr Stimpson remains the general purpose liquidator of the Youpla Group (see 22-297MR).
On 29 October 2020, ASIC commenced civil penalty proceedings in the Federal Court against Youpla Group and its subsidiary ACBF Plans alleging that from 1 January 2015 to 30 November 2018, ACBF made misleading and deceptive statements in offering, promoting and selling the Aboriginal Community Funeral Plan. The matter was heard on 22 November 2022. Judgment has been reserved (see 20-262MR).