Joint media release between ASIC and NSW Fair Trading
ASIC and NSW Fair Trading have 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.
The liquidator of the Youpla Group entities is Mr David Stimpson of SV Partners. The liquidator has disclosed an association with a former legal advisor to the Youpla Group entities. The legal advisor also holds an indirect ownership stake in SV Partners.
ASIC and NSW Fair Trading are concerned that this relationship may give rise to a perceived lack of independence on the part of Mr Stimpson in any investigation of potential recovery actions that might be brought on behalf of the Youpla Group companies.
In making this application, ASIC and NSW Fair Trading seek to ensure that any investigations and recovery action on behalf of those companies are pursued without an apprehension of bias. The costs of the special purpose liquidators will not be paid from Youpla Group company funds.
ASIC and NSW Fair Trading do not consider that a perceived lack of independence extends to Mr Stimpson's other roles as liquidator of the Youpla Group entities. Therefore, the application does not seek the removal of Mr Stimpson as liquidator of the Youpla Group entities, and ASIC and NSW Fair Trading expect that SV Partners will continue to deal with the winding up of the Youpla Group entities and the distribution of surplus assets to creditors including Youpla Group customers.
Youpla Group customers do not need to take any action. They should continue to contact SV Partners.
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.
