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01 November 2023
Youpla Group funeral fund liquidation
A liquidator has been appointed to Youpla Group companies operating three funeral funds regulated under the Funeral Funds Act 1979.
Youpla Group (formerly ACBF Group Holdings Pty Ltd) includes four companies offering a range of funeral benefit or insurance products:
- Aboriginal Community Benefit Fund (Fund No.1) – issued by The Aboriginal Community Benefit Fund Pty Limited
- Aboriginal Community Benefit Fund No 2 (Fund No.2) – issued by Aboriginal Community Benefit Fund No 2 Pty Ltd
- Aboriginal Community Funeral Plan (Fund No.3) – issued by ACBF Funeral Plans Pty Ltd
- Community Funeral Plans (Fund No. 4) – issued by Community Funeral Plans Pty Ltd.
Aboriginal Community Benefit Fund No 2 Pty Ltd (Fund No.2) entered liquidation on 2 March 2022. This fund is not regulated by Fair Trading.
The Aboriginal Community Benefit Fund (Fund No.1), ACBF Funeral Plans Pty Ltd (Fund No.3) and Community Funeral Plans Pty Ltd (Fund No.4) entered voluntary liquidation on 11 March 2022.
We understand these circumstances are distressing and difficult for Aboriginal and Torres Strait Islander peoples and communities affected as contributors to these funds.
What you need to do
If you have been paying money to any of the ACBF funds, it is important the liquidator is aware of this. Contact them using the contact details below.
Contacts
The liquidator for all four funds is David Stimpson of SV Partners.
Call SV Partners on 1800 246 801 or email [email protected].
Any mail can be directed to GPO Box 5300 Brisbane QLD 4001.
Documents lodged by SV Partners in relation to the progress of the liquidation of each Fund can be accessed through the ASIC website at:
https://asic.gov.au/online-services/search-asic-s-registers/companies-and-organisations
Please note that details relating to contributors’ contracts will not be available on these documents. A fee is payable to obtain a copy of any documents.
Commonwealth Government Support
The Commonwealth Government has established the Youpla Group funeral benefit program. The program is intended to help affected member’s families continue to mourn their loved ones and conduct Sorry Business with dignity.
The program is intended to:
- Pay funeral claims relating to a deceased Youpla Group fund contributor or their beneficiary who had an active policy on or after 1 April 2020
- Pay an amount up to the cover limit in the fund contributor’s policy.
- Pay funeral claims received up to 30 June 2024.
More information on the support is available at: www.treasury.gov.au/youpla
What do I do if a family member passes and they were either a current contributor to Youpla or covered by the policy?
If a family member has passed who was covered under a current Youpla policy, you need to lodge a claim with SV Partners.
Call SV Partners on 1800 246 801 or email [email protected]
Support
The Mob Strong Debt Help website, part of the Financial Rights Legal Centre, has more information about ACBF and support that may be available to you. You can also call Mob Strong on 1800 808 488.
We are developing more information to help those affected. The Fair Trading website will be updated as more information comes to hand.
NSW Fair Trading and ASIC are committed to working together with the Liquidator to ensure the best possible outcome for affected consumers.
If you wish to contact a regulator in relation to any of the funds, we recommend that you contact both NSW Fair Trading and ASIC.
NSW Fair Trading and ASIC will work together to ensure that all correspondence and inquiries are addressed promptly by the regulator who is best placed to address the issues raised.
You can contact NSW Fair Trading by email at [email protected] or telephone 1800 502 042.
You can contact ASIC’s Indigenous Outreach Program by email at [email protected] or by phone on 1300 365 957.
Application for a special purpose liquidator
In October 2022, ASIC and NSW Fair Trading jointly applied to the Supreme Court for orders appointing special purpose liquidators to investigate recovery actions that might be available to the Youpla Group (formerly Aboriginal Community Benefit Fund) entities that are currently in liquidation.
The application did not seek the removal of Mr Stimpson as liquidator of the Youpla Group entities. As such, it was proposed that SV Partners would continue to deal with the liquidation matters, other than the investigation, such as the distribution of surplus assets to creditors including Youpla Group customers.
In December 2022, the Court granted the orders sought.
Youpla Group customers do not need to take any action and they should continue to contact SV Partners if they have enquiries about the liquidation of the Youpla Group entities.