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.
