David Stimpson.
Liquidator David Stimpson is having to deal with some unwelcome complexities intruding into his management of the Youpla indigenous funeral fund debacle thanks to those pesky rules around independence and apprehensions of a lack thereof.
Near as we can tell, the domino that precipitated the recently filed application by ASIC and the Department of Fair Trading (DFT) for the appointment of special purpose liquidators (SPLs) to the Youpla Group fell in June this year when the SV Partners executive director lodged an updated DIRRI.
Reading it alongside Stimpson’s original March 25, 2022 declaration it’s clear that the only significant difference is the absence in the first DIRRI of any reference to former Aboriginal Community Benefit Fund No 2 Pty Ltd liquidator W. Roland Robson of Queensland firm Robson Cotter.
This is explained by the nature of Stimpson’s appointment, detailed in his June 10 DIRRI.
“On 11 April 2022 I replaced W. Roland Robson as Liquidator of Aboriginal Community Benefit Fund No 2 Pty Ltd pursuant to an order by the Supreme Court of NSW.”
“W. Roland Robson of Robson Cotter is the former Liquidator of Aboriginal Community Benefit Fund No 2 Pty Ltd. From time to time, SVP are contacted by various insolvency firms, including Robson Cotter, to act as a Trustee, Liquidator or Administrator.”
Other than acknowledging that Stimpson and SV Partners sometimes receive referrals from Robson Cotter the DIRRI’s are all but identical.
Yet according to the ASIC press release advising of the application to appoint SPLs “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.”
The former legal advisor is K2 Law director Alyce Corbutt, wife of SV Partners’ partner Matthew Bookless.
Stimpson disclosed his dealings with Corbutt in his initial DIRRI in March so if ASIC and the DFT are genuinely worried about apprehensions of a lack of independence the insolvency community is entitled to know why the regulators have taken so long to act.
The application to appoint the as yet unidentified SPLs is scheduled to be heard in the NSW Supreme Court on Monday, November 7 but given the scope of their intended role in this fraught administration, Stimpson might not find their appointment unwelcome at all.
Conflict only needs to be perceived, not actual.
But how can there be independence if the referrer indirectly owns shares in SV Partners via her husband?
Doesnt pass the pub test.