Australian Fiduciaries Limited Group

SV Partners have created a website / portal relating to the AFL Group, which provides information such as the latest updates from the Liquidator and FAQs. Information provided in this FAQ is general in nature only and does not take into account the personal objective, financial situation or needs of any particular Investor. If you are unsure of any information in this FAQ, you should obtain professional advice tailored to your personal circumstances. A link to the website is below:

Link: https://svpartners.com.au/creditors-portal/australian-fiduciaries-limited-group/

Disclaimer

The following FAQs are provided as general information only and should not be relied upon as taxation, financial, legal, superannuation or audit advice.

The Liquidator is unable to provide personal advice regarding an Investor’s SMSF, taxation affairs, legal position, audit requirements or the appropriateness of maintaining or winding up an SMSF.

Investors should seek advice from their own accountant, tax agent, SMSF auditor, financial adviser and/or lawyer regarding their individual circumstances.

What entities has a Liquidator been appointed to?

Matthew Hudson and Terry van der Velde of SV Partners were appointed as Voluntary Administrators to 20 entities of the AFL Group on 4 July 2025 and to three additional entities of the AFL Group on 18 July 2025.

On 8 August 2025, at the second meeting of creditors, creditors resolved that 23 entities of the AFL Group be placed into Liquidation and Matthew Hudson (from SV Partners) be appointed sole Liquidator.

On 26 November 2025, Mr Hudson was appointed as sole Liquidator of Violett Rights Pty Ltd (In Liquidation).

On 22 June 2026, Mr Hudson was appointed as sole Liquidator of APT Strategy Pty Ltd (In Liquidation).

A list of the entities that are part of the AFL Group and those that Mr Hudson have been appointed to are listed in.

What is the role of the Liquidator?

The Liquidator will be responsible for winding-up the affairs of the AFL Group, which includes realising assets, investigating the conduct of the directors and officers, and distributing any available funds to creditors in accordance with the Corporations Act 2001.

Liquidators have a broad range of statutory powers to pursue recovery actions, including initiating legal proceedings to recover assets, pursue insolvent trading claims, or void transactions that may be deemed unfair preferences or uncommercial.

Further information regarding the Liquidation process can be found on the Australian Securities and Investments Commission’s (ASIC) website here: https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-creditors/liquidation-a-guide-for-creditors/

What was the outcome of the ASIC proceedings?

The Australian Securities and Investments Commission (ASIC) had commenced proceedings in the Federal Court of Australia (proceeding number QUD371/2025) against AFL and a number of related or associated entities seeking the appointment of court-appointed receivers and managers (Receivers) (amongst other things).

On 2 September 2025, Matthew Hudson (the Liquidator of the AFL Group) and Terry van der Velde (also of SV Partners) were appointed Receivers by the Court by consent over the six entities listed below:

• Education Fiduciaries Pty Ltd ATF Education Impact Trust;
• Global Education Innovations;
• Nexus Files Developments Pty Ltd;
• Progressive Early Learning Education Centres Pty Ltd;
• The Possessed Pty Ltd; and
• Violett Production Pty Ltd.

At a subsequent hearing on 4 September 2025, Matthew Hudson and Terry van der Velde were appointed as Receivers by the Court over the additional two entities listed below:

• SRI Fiduciaries 2 Pty Ltd ATF SRI Property Trust 2; and
• SRI Fiduciaries 3 Pty Ltd ATF SRI Property Trust 3.

(collectively, “Receivership Entities”)

The Receivers filed their single report in respect of the Receivership Entities on 14 November 2025 and their single amended report on 23 January 2026. As much of the information contained in those reports is confidential and/or redacted and the matter remains before the Court, I am unable to provide further information at this time. Further details regarding the Receivership Entities can be found at section 4 of the Liquidator’s report to creditors dated 5 June 2026.

Are Investors/unitholders creditors of the AFL?

A creditor is a party who has a claim against another party for an outstanding debt, which commonly arises for goods provided, services rendered, or monies loaned, in the ordinary course of dealings. A party may also have a claim as a creditor for such things as a breach of contract or other obligations and for damages caused. Different classes of creditors can exist in a winding up. This includes employees, secured and unsecured creditors. Such creditors are afforded different priorities in the winding up of a company

From our preliminary investigations, Investors were issued units in prescribed trusts, depending on the Investors’ chosen investment strategy and/or Managed Investment Scheme (MIS), which said trusts were controlled by AFL (the trustee). These units granted a unitholding in favour of the Investor formulaically proportional to each dollar invested.

Based on the Liquidator’s preliminary investigations, all or certain Investors in the MIS may have claims against AFL in relation to its conduct as Responsible Entity and/or in its capacity as the Investment Manager.

These claims may include but are not limited to:

• breaches of AFL’s obligations under the MIS’s constitutions;
• breaches of trust and/or fiduciary duties;
• breaches of duties as Responsible Entity; and/or
• misleading and deceptive conduct including in relation to statements made in the Product Disclosure Statements;

To the extent Investors have claims against AFL, those claims are likely in the form of a contingent claim. The quantum of these claims is currently unknown.

A contingent creditor is a person, or entity, whose claim depends on certain conditions occurring before a debt becomes due and payable. In the case of Investors, this may arise where Investors have claims against AFL for damages or losses incurred as a result of AFL breaching its duties as Responsible Entity of the MIS.

The ASIC information Sheet 43 (INFO 43) provides further information regarding insolvency for investors and shareholders. https://www.asic.gov.au/regulatory-resources/insolvency/insolvency-for-investors-and-shareholders/.

What is the process to distribute potential dividends in the Liquidation to Investors in Australian Fiduciaries Limited (In Liquidation) and the MIS?

The Liquidator is not in a position to distribute any funds in the Liquidation to Investors in Australian Fiduciaries Limited (In Liquidation) and the MIS at this stage.

It is too early to determine if (or when) sufficient recoveries will be made to declare a dividend. The quantum and timing of any future dividend will depend on the outcome of further asset realisations, including property sales, recovery of related party loans, and potential insurance claims (amongst other things).

Once assets have been realised in the asset holding entities and funds recovered from related party loans, it is the Liquidator’s intention to declare dividends in those entities, resulting in further funds being paid to AFL (in its capacity as a creditor of the asset holding entities).

As AFL is the Responsible Entity for the funds in which Investors have invested, distributions to Investors can only be made from AFL. At this stage, a dividend is not being declared in AFL, as (amongst other things) further asset recoveries, investigations and litigation avenues are anticipated. Once a substantial portion of realisations have been achieved, it is anticipated that a dividend may be able to be declared to the creditors of AFL, which may include Investors to the extent they have been admitted as unsecured creditors of AFL.

The Liquidator is assessing what steps may be taken to assist Investors, including through seeking Court approval to adopt an abridged process to admit their claims as unsecured creditors in the Liquidation. Further information on this aspect will be provided by circular in due course.

Investors are not required to submit proof of debt forms in the Liquidation. Investors will be notified if/when any such documentation is required.

Can Investors close their SMSF?

You are directed to our disclaimer at the beginning of these FAQ’s.

This is ultimately a decision for each individual Investor’s respective SMSF Trustee, in consultation with their professional advisers.

Before winding up an SMSF, Investors should consider whether the fund continues to hold any assets, investments, claims, rights or entitlements that have not yet been fully resolved.

Where an investment remains subject to an ongoing liquidation process, Investors may wish to discuss the following (as examples) with their accountant, auditor or legal before winding-up the SMSF:

• Whether the investment should continue to be recorded in the SMSF;
• Whether there are any unresolved rights or entitlements associated with the investment;
• How any future dividends from your SMSF’s investment(s) (including from the AFL Group liquidation) would be dealt with if the SMSF has already been wound-up; and/or
• What records should be retained to support the SMSF’s position.

For many Investors, the cost of maintaining an SMSF will be an important consideration. However, this should be balanced against any unresolved matters relating to your investments, including those in the AFL Group.

Do Investors need to keep their SMSF bank account open?

You are directed to our disclaimer at the beginning of these FAQ’s.

This will depend on the circumstances of the SMSF and should be discussed with the fund’s accountant, auditor or adviser.

When considering whether to close an SMSF bank account, Investors may wish to discuss:

• Whether there are any unresolved investments, claims or entitlements;
• Whether the SMSF may need to receive future payments or dividends relating to those matters;
• What records should be retained; and
• Whether alternative arrangements would be required if a payment were received after the account is closed.

The Liquidator is unable to advise Investors whether an SMSF bank account should remain open or be closed.

Should Investors keep their SMSF open if they continue to incur fees and the potential return is uncertain?

You are directed to our disclaimer at the beginning of these FAQ’s.

There is no single answer that will be appropriate for every Investor. The decision will depend on the circumstances of the SMSF, the ongoing costs of maintaining the fund and the trustee’s objectives.

When discussing the issue with their accountant, auditor or adviser, Investors may wish to consider:

• The annual cost of maintaining the SMSF;
• Whether the SMSF holds any other assets;
• Whether the members intend to continue operating the SMSF for other purposes;
• Whether there are any unresolved investments, claims, rights or entitlements; and
• The practical implications of winding up the SMSF before those matters are finalised.

The Liquidator is unable to recommend whether an Investor should maintain or wind-up their SMSF. Investors should obtain professional advice before making that decision.

What should Investors do if annual statements or valuations are not available?

You are directed to our disclaimer at the beginning of these FAQ’s.

Where an investment is subject to an ongoing liquidation process, annual statements, valuations or financial reports may not be available.

In these circumstances, Investors should provide their accountant and SMSF auditor with the information and documentation already available to them, including historical records and any reports, notices or correspondence issued by the Liquidator.

The accountant and SMSF auditor can then determine the appropriate reporting, valuation, disclosure and audit treatment based on the information available at the relevant reporting date.

The Liquidator is generally unable to provide valuations, tax advice, audit opinions or specific guidance regarding the treatment of investments within an SMSF.

How do Investors keep their SMSF compliant and what information should Investor provide to their accountant or SMSF auditor?

You are directed to our disclaimer at the beginning of these FAQ’s.

SMSF trustees remain responsible for ensuring the fund complies with its reporting, taxation and audit obligations while the SMSF remains in existence.

Where annual investor statements, valuations or financial reports are unavailable due to the ongoing liquidation process, Investors should provide their accountant and SMSF auditor with the information and documentation available to them.

In most cases, Investors should provide their accountant and SMSF auditor with any information they hold regarding the investment and the liquidation, including:

• ASIC Form 505 – Notification of Appointment of Liquidator (available on the “Forms & Additional Information” tab of SV Partners’ creditor portal);
• Reports, notices and correspondence issued by the Liquidator;
• Historical investment statements;
• Original investment documentation;
• Evidence of the original investment amount; and
• Prior SMSF financial statements and records relating to the investment.

ASIC Form 505 confirms the appointment of the Liquidator and may assist accountants and auditors in evidencing that the investment is subject to a formal external administration process.

However, ASIC Form 505 is not a valuation document and does not determine the value of the investment or whether any future distribution will be made.

Investors should consult their accountant and SMSF auditor regarding the appropriate treatment of the investment in the SMSF financial statements, annual return and audit.

How will the value of my holdings be determined during the administration?

The Liquidator cannot provide an update at this stage as to the potential current value of your units.

Where it will not compromise potential recoveries/investigation in doing so, the Liquidator will provide general updates as to investigations made and claims identified, together with estimated of potential returns, as the Administration progresses.

It is presently anticipated that there may a potential return to Investors. However, as it appears the majority of assets owned by the AFL Group are illiquid in nature, and any potential legal recoveries available to the Liquidator are still being investigated, it is not guaranteed there will be a return to Investors through the external administration process.

Can I transfer or withdraw my investment from the MIS, including on the grounds of hardship?

No. As at this date of this document, the overall financial position of each MIS is still being assessed. To treat all Investors equally, Investors are not able to transfer their funds or withdraw their investments from the MIS. All redemptions have been frozen as a result of the Liquidation. This includes redemption requests under hardship or special circumstances, such as those related to pension payments, life insurance premiums, or other special needs.

The majority of Investor funds are allocated and invested across the individual MIS and their respective investments, the position and recoverability of which are still to be determined.

Any surplus monies identified through the course of the investigations will be distributed in accordance with the relevant MIS constitutions, the Corporations Act 2001 (Cth), and any orders of the Court where direction is required. Consequently, it may take some time before the MIS are fully realised and any distributions to Investors can occur, although interim distributions may be made if circumstances permit.

What happens next in the Liquidation?

The Liquidator has (amongst other things) issued his statutory report to creditors dated 7 November 2025 and an update report to creditors dated 5 June 2026, which outlines the Liquidator’s investigations into the AFL Group. Creditors and Investors are encouraged to read the contents of the report to creditors for a detailed update.

The Liquidator will continue to investigate the affairs of the AFL Group and its officers and realise the remaining assets of the AFL Group for the benefit of creditors.

Additionally, the Liquidator has statutory powers that allow for further potential legal recoveries against officeholders (eg directors and former directors) where it can be established that there were breaches of duties (amongst other things) during the time of which they were an officeholder.

Updates are limited in nature or unable to be made with respect to ongoing realisations, recoveries and investigations as such disclosure may negatively impact potential returns available for creditors and Investors.

Consequently, I anticipate the next update in the liquidation will be issued by late 2026.

How long will the Liquidation take?

As it is early in the appointment, it is unknown how long the Liquidation may take.

The Liquidation is a complex process, complicated by the structure of the group of corporate entities and trusts associated with the AFL Group, the Liquidator’s appointment is not over all entities within the group, the substantial volume of data requiring detailed analysis, and the wide scope of potential legal proceedings that are expected to span both Australian and international jurisdictions. With the majority of known assets being illiquid in nature, recovery actions are anticipated to extend over a number of years.

 

Are you investigating the Directors’ and former Directors’ potential misconduct and / or assets?

Whilst investigations remain ongoing, the Liquidator has provided ASIC confidential reports into his findings relating to any potential misconduct by the directors, former directors and other associates/agents of the AFL Group. Further reporting to ASIC is ongoing.

The Liquidator has provided summarised updates in relation to some of these alleged misconduct issues to creditors in his reports dated 31 July 2025, 7 November 2025 and 5 June 2026. The Liquidator will continue to investigate the affairs of the AFL Group, whereby updates to creditors and Investors will be issued by way of further reports.

Do I need to seek my own advice?

The Liquidator acts in the interests of all creditors as a collective. Subject to the respective priorities between creditors and Investors, which the Liquidator is still considering, the Liquidator also acts in the interests of all Investors as a collective.

You are entitled to seek your own independent legal, accounting and financial advice to consider your individual circumstances. This will have to be at your own cost (if any), however, details of financial support services are provided below.

The Liquidator’s actions and process is governed by the Corporations Act and subject to regulatory overview by ASIC. The Liquidator will continue to report to all stakeholders on the progress and outcome of the Administration in accordance with the Corporations Act.

Did SV Partners or the Liquidator have any involvement with the management of the AFL Group prior to being appointed?

The Liquidator has not had any prior involvement with the management of the AFL Group prior to his initial appointment on 4 July 2025.

The Liquidator’s Declaration of Independence, Relevant Relationships and Indemnities (DIRRI), details all communications that were held with the Company and its officers prior to the appointment of Voluntary Administrators on 4 July 2025. A copy of the amended DIRRI can be found in the circular to Investors dated 5 June 2026, which is available on SV Partners’ website.

Should I make a complaint with the Australian Financial Complaints Authority (AFCA) and what is the process to apply for compensation through the Compensation Scheme of Last Resort?

If you have concerns about the financial advice you received you may wish to consider lodging a complaint with the Australian Financial Complaints Authority (AFCA) against the relevant financial advice firm (for confidentiality, a current list is provided at section 3.2 of the Liquidator’s report to creditors dated 5 June 2026). Relevant financial advice firms include (but are not limited to) Compare Your Super Pty Ltd and APT Strategy Pty Ltd (In Liquidation).

In circumstances where you have received advice from a financial advice firm, and the financial advice firm was in breach of its obligations, you may be able to claim for compensation through the Compensation Scheme of Last Resort (CSLR). Further information regarding eligibility can be found on AFCA’s website here: https://www.afca.org.au/cslr.

Further information about applying under the CSLR for those Investors who received advice from Compare Your Super Pty Ltd and/or APT Strategy Pty Ltd (In Liquidation) will be provided in the near future (where appropriate). We are awaiting the outcome of various court matters and processes with AFCA before the Liquidator will be in a position to properly provide this information.

As Investors may be aware, the CSLR is a scheme which can offer compensation of up to $150,000, in the following circumstance(s) (relevant to Investors);

• Where you have received advice from a financial advice firm (or an authorised representative/agent of a financial advice firm) and the financial advice firm was in breach of its obligation(s).

Compensation can only be awarded through the CSLR if the relevant financial advice firm (or the authorised representative/agent) is a and/or individual and an AFCA member at the time the complaint was lodged.

A list of the financial advice firms that were authorised representatives (and/or licensees) of AFL from time-to-time is detailed at section 3.2 of my report to creditors dated 5 June 2026.

If Investors received advice from any of the entities or individuals, as detailed at section 3.2 of the Liquidator’s report to creditors dated 5 June 2026, during a relevant period, they may be able to file a CSLR application with AFCA. The Liquidator makes no representations or warranties in this regard, and merely provides this general information to assist Investors with seeking appropriate advice.

You should also seek advice regarding your own personal circumstances and avenues available to you via the Australian Financial Complaints Authority (AFCA) website at https://www.afca.org.au/cslr or https://www.afca.org.au/news/current-matters/australian-fiduciaries-ltd-in-liquidation

You can lodge a complaint through the AFCA online portal (https://www.afca.org.au/portal), by emailing info@afca.org.au, or by calling 1800 931 678 (free call).

Additionally, the Liquidator’s office anticipates writing to particular Investors individually where it is believed that Investors may have rights to pursue compensation through the CSLR and to obtain legal advice regarding same.

How do I make an AFCA complaint against APT Strategy Pty Ltd (deregistered)?

AFCA has previously been unable to accept complaints about advice received by APT Strategy Pty Ltd (deregistered) (APT) or its representatives (including Compare Your Super Pty Ltd) since 3 January 2025 as it was deregistered and ceased existing as a legal entity from this date onwards. Further information regarding APT can be found on AFCA’s website at https://www.afca.org.au/news/current-matters/apt-strategy-pty-ltd-deregistered.

On 22 June 2026, the Supreme Court of Queensland ordered the re-registration of APT and that Matthew Hudson be appointed as the Liquidator.

Are there any limitation dates for making an AFCA complaint?

Please note the following time constraints for making an AFCA complaint (which is required for obtaining payment through the CSLR);

• AFCA will generally not consider a complaint unless it was submitted to AFCA before the earlier of the following time limits:
  • Within six years of the date when the complainant first became aware (or should reasonably have become aware) that they suffered the loss; and
  • Where, prior to submitting the complaint to AFCA, the Complainant was given an Internal Dispute Resolution (IDR) response in relation to the complaint from the Financial Firm – within two years of the date of that IDR response.

Who pays for the Administration?

The Voluntary Administrators’ and Liquidator’s professional fees and expenses will generally be paid from the assets of the AFL Group and the MIS, including proceeds realised during the Administration or any external funding arrangements agreed upon by the Liquidator.

The Voluntary Administrators, and subsequent Liquidator, and their staff charge professional fees based on the time spent on the Administration, with hourly rates reflecting each individual’s skill level and experience. In minimising overall fees, the Liquidator allocates tasks to different staff members based on their complexity and required skills and experience. Before these fees can be paid from the AFL Group of entities’ assets, the Liquidator must seek approval from either creditors or the Court.

Under the Act, the Voluntary Administrators’ and Liquidator’s fees rank in priority to claims of creditors in the AFL Group.

Neither ASIC nor the Government are responsible for funding the Voluntary Administrators’ and Liquidator’s fees and costs.

What information has ASIC provided?

ASIC has provided specific updates to Investors in the lead up to the following appointment of the Voluntary Administrators and subsequent Liquidator.

ASIC’s updated can be found here: https://www.asic.gov.au/about-asic/asic-investigations-and-enforcement/enforcement-activities/australian-fiduciaries-ltd/

How will I be notified of updates?

We will upload updates regularly on SV Partners’ website (We will also issue updates by letter via email or by post (where applicable).

If you are unable to access the reports or notices issued by the Liquidator via the above, you may request a copy by emailing AustralianFiduciaries@svp.com.au.

The Liquidator anticipates issuing further reports in addition to those required by the statutory framework.

 

Should I call SV Partners or AFL Group?

No. Telephoning will slow down the process. Please refer to the portal for regular updates.

 

What are the obligations of a Responsible Entity of a Managed Investment Scheme?

Under section 601FC of the Corporations Act 2001, a responsible entity (RE) of a registered managed investment scheme must act honestly, exercise care and diligence, and always act in the best interests of scheme members. These duties are designed to protect Investors. Key obligations include:

• Act in the best interests of members: prioritising members’ interests over the RE’s own;
• Exercise care and diligence: managing the scheme responsibly and prudently;
• Comply with the scheme’s constitution: operating within the legal and structural framework;
• Maintain adequate risk and compliance systems: including a compliance committee if less than half the board is external;
• Provide clear and timely disclosures: keeping Investors informed about risks, performance, and material changes; and
• Ensure sufficient financial and operational resources: to manage the scheme effectively and meet obligations.

For more information regarding the obligations of a RE, please visit ASIC’s website (https://www.asic.gov.au/for-finance-professionals/fund-operators/running-a-registered-scheme/).

Who can I reach out to for mental health support?

If you need support, we strongly encourage you to seek professional help from a qualified mental health practitioner. You can also access free support through Beyond Blue on 1300 22 4636 or via their live chat at https://www.beyondblue.org.au/get-support/talk-to-a-counsellor/chat.

There are also a number of other avenues available for you to reach out to connect with others online, where you can read through forums anonymously and learn from people who know what you’re going through as well as share your own experiences should you wish to. Available at https://forums.beyondblue.org.au/.

Additionally, a mental health coach is available in parts of New South Wales and Queensland, available at https://www.beyondblue.org.au/get-support/newaccess-mental-health-coaching.

Who do I contact if I need further support?

The Liquidator understands that the AFL Group Administration may cause financial hardship and distress for some Investors, and will provide information and support to Investors collectively and regarding individual claims when the distributions are possible.

If you need support, you are encouraged to seek your own individual advice from a lawyer, accountant or financial planner that takes into account your individual circumstances.

You can contact a free financial counsellor through the National Debt Helpline on 1800 007 007 or live chat at https://ndh.org.au/.

There are also a number of free professional services you can reach out to, including community legal centres who can provide free and confidential legal help. Find your closest legal centre at:

• QLD: https://www.communitylegalqld.org.au/find-legal-help/
• VIC: https://www.fclc.org.au/find_a_community_legal_centre
• NSW: https://findlegalhelp.clcnsw.org.au/
• WA: https://communitylegalwa.org.au/
• ACT: https://www.actlawsociety.asn.au/for-the-public/legal-help/community-legal-centres
• NT: https://www.legalaid.nt.gov.au/

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