ASIC has permanently banned Simone Hildebrand from engaging in any credit activities, controlling an entity engaged in credit activities, and performing any function involved in engaging in credit activities.
ASIC also disqualified Ms Hildebrand from managing corporations for a period of five years.
ASIC has reason to believe that Ms Hildebrand is likely to contravene credit legislation and is not a fit and proper person.
ASIC alleged that Ms Hildebrand caused the misuse of $1,159,127.63 held on trust, such that the monies were transferred to other companies of which she was a director. This conduct comprised either dishonesty or gross recklessness and involved a disregard to the basic obligations imposed on persons holding other people's money (either held on trust or held in some other capacity).
Further, Ms Hildebrand had minimal, if any, regard for the obligation to pay statutory debts and not treat the payment of such debts as an inferior obligation. Ms Hildebrand failed to produce company books to its liquidator and thereby cause the company to account for its activities and failed to prevent a company from incurring debts when it was insolvent.
Ms Hildebrand's banning and disqualification is effective from 17 September 2025 and has been recorded on ASIC's banned and disqualified register.
Ms Hildebrand has the right to appeal to the Administrative Reviews Tribunal for a review of ASIC's decision.
Background
Ms Hildebrand was an officer and director of Bill Butler Pty. Ltd. (in EXAD), an Australian credit licensee authorised to provide debt management services.
She was also an officer and director of a debt agreement administrator, Sam Pos Pty Ltd (deregistered). In March 2023, the Inspector-General in Bankruptcy cancelled the debt agreement registration of Sam Pos Pty Ltd due to non-compliance with the Bankruptcy Act 1966 and failure to meet the fit and proper person requirements. See Deregistration of Sam Pos Pty Ltd trading as DebtCutter (Australian Financial Security Authority).
