Dixon Advisory & Superannuation Services Pty Ltd (Subject to Deed of Company Arrangement)

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General update to creditors as at May 2025 

Dividend to non-priority unsecured creditors  

On 24 April 2025, the Deed Administrators declared a first and final dividend to non-priority unsecured creditors of Dixon Advisory & Superannuation Services Pty Ltd (DASS) (subject to Deed of Company Arrangement).   

Creditors of DASS who were admitted to rank for the dividend should have received a notice from the Deed Administrators via the Creditor Portal on 24 April 2025 that outlines the dividend declared to them.  

The Deed Administrators do not anticipate a further distribution to creditors under the Deed of Company Arrangement.   

If you have any questions in relation to the distribution to creditors, please refer to the FAQ document dated 24 April 2025 in the first instance. The FAQ document is located in the “Documents” section of this website. 

Class Action settlement proceeds

On 3 April 2024 and 17 April 2024, the application for settlement of the class action proceedings was heard in the Federal Court of Australia (Court) and, on 17 April 2024, Justice Thawley made orders approving the proposed settlement.

In line with the Deed of Settlement, the following amounts were made available for the benefit of the DASS’ creditors:

1. $4m from EP1 (which forms part of the Tranche B payment required under the terms of the Deed of Company Arrangement (DOCA) executed on 16 December 2022); and

2. net insurance proceeds of $9,071,647.75 ($12m less $2,928,352.25, being the costs of the Representative Proceedings approved by the Court).

The above amounts, plus an interest component, was received by the Deed Administrators and subsequently paid to creditors in the distribution declared on 24 April 2025.

For more information on the class action settlement, please refer to the “Update to DASS creditors dated 23 April 2024” located in the “Documents” section of this website.

Important update regarding deadline for AFCA complaint lodgements

As of 30 June 2024, DASS has had its membership with the Australian Financial Complaints Authority (AFCA ) formally expelled.

Therefore, the deadline for registering a complaint against DASS with AFCA has now passed. Accordingly, AFCA is not accepting any further complaints against DASS. We understand that any complaint that has already been lodged with AFCA, or is lodged with AFCA before the expulsion, will still be reviewed by AFCA.

If you wish to explore this further, we recommend you visit AFCA’s dedicated website for DASS’s former clients, which can be found at https://www.afca.org.au/news/current-matters/dixon-advisory-and-superannuation-services-pty-ltd-subject-to-deed-of-company-arrangement

Any queries in relation to AFCA complaints should be directed to AFCA.

Should your query relate to an existing complaint made to AFCA or a claim made under the Compensation Scheme of Last Resort (CSLR), please contact AFCA or the CSLR directly for further information on your complaint or claim.

Next steps in the Deed Administration

• The Deed Administrators do not require any further information from creditors this stage (unless the Deed Administrators have reached out to creditors directly with respect to payment of the dividend declared on 24 April 2025).
• The Deed Administrators are in the process of finalising some residual tasks related to the dividend declared on 24 April 2025. Once those matters are resolved, the DOCA will effectuate, and DASS will enter Liquidation.  
• The Deed Administrators will then become the appointed Liquidators (in accordance with the terms of the DOCA) and anticipate that DASS will remain in Liquidation for a period of approximately 3-5 years while claims made under the CSLR are resolved.  
• For the avoidance of doubt, the Deed Administrators do not anticipate a further dividend to creditors in the Liquidation.

History of the Dixon Advisory & Superannuation Services external administration

Voluntary Administration

Stephen Longley and Craig Crosbie were appointed as Joint and Several Voluntary Administrators of DASS on 19 January 2022, pursuant to Section 436A of the Corporations Act.

Deed of Company Arrangement

At the adjourned second meeting of the Company’s creditors held on 16 December 2022, creditors of the Company resolved that the Company execute a DOCA. The DOCA was executed on the same day, and lodged with the Australian Securities and Investments Commission shortly thereafter.

Appointment Details

Documents