ASIC has applied to the Federal Court, seeking asset preservation orders and the appointment of receivers to Australian Fiduciaries Ltd and numerous related entities.
ASIC understands that around 600 Australian retail investors have invested approximately $160 million into managed investment schemes offered by Australian Fiduciaries since February 2020, predominantly through their self-managed super funds (SMSFs). Australian Fiduciaries ceased distributing units in the schemes in September 2023.
ASIC’s application seeks to preserve the assets of the scheme and obtain a clearer picture of the financial position of Australian Fiduciaries and its schemes while ASIC continues its investigation.
Australian Fiduciaries has failed to lodge audited financial statements or audited compliance plan reports for its registered managed investment schemes for FY2024 or the first half of FY2025. ASIC understands that it has also failed to keep investors updated on the status of their investments since May 2024.
ASIC is investigating concerns around:
- inadequate management of conflicts of interest
- the ways investors were sold units in the schemes and how their funds were ultimately invested into a complex group of entities controlled by related parties
- suspected failure by Australian Fiduciaries to conduct regular valuations of its schemes, and
- loss of value in the underlying assets.
Investors can find further information and a full list of the entities ASIC is seeking orders against on the Australian Fiduciaries webpage on ASIC’s website.
ASIC’s application will be heard by the Court on a date yet to be set.
Downloads
Editor's note 1
The matter has been set down for a case management hearing on 2 July 2025.
Editor's note 2
On 26 June 2025, the case management hearing scheduled for 2 July was relisted for 9 July at 10:30am.
Editor's note 3
On 2 July 2025, Justice Downes made an order by consent relating to undertakings offered by the sixth defendant, twenty-seventh defendant, twenty-eighth defendant, Alroe Constructions Pty Ltd ACN 156 130 951 and Alroe Constructions QLD Pty Ltd ACN 646 264 600.
Editor's note 4
On 4 July 2025, Terry van der Velde and Matthew Hudson of SV Partners were appointed as voluntary administrators to the first defendant Australian Fiduciaries Limited Pty Ltd ACN 601 228 844 and 19 other defendants.
Editor's note 5
On 9 July 2025, the matter was set down for hearing commencing at 10:00 am on 4 September 2025.
Editor's note 6
On 8 August 2025, Terry van der Velde and Matthew Hudson of SV Partners were appointed as liquidators to those defendants to whom they had previously been appointed as voluntary administrators.
Editor's note 7
On 4 September 2025, following an application made by ASIC, the Federal Court has ordered that Matthew Charles Hudson and Terry van der Velde of SV Partners be appointed receivers to the property of SRI Fiduciaries 2 Pty Ltd and SRI Fiduciaries 3 Pty Ltd—related entities of Australian Fiduciaries Limited (Australian Fiduciaries)—and made orders freezing their assets. These orders follow the Court’s appointment on 2 September 2025 of the same receivers and the making of similar freezing orders to six other related entities (refer 25-199MR).