Dixon Advisory & Superannuation - Case Update

Stephen Longley, Craig Crosbie and Rebecca Gill of PwC, the deed administrators of financial services provider Dixon Advisory & Superannuation, have secured an amendment to the DOCA executed in December 2022 to facilitate the settlement of a proceeding against DASS to the benefit of its creditors.

The company was subject to two class actions by former clients concerning the poor performance of an investment fund and an alleged conflict of interest.

A settlement has been reached which provides for the proceedings to be permanently stayed rather than dismissed to ensure that the group members and creditors of DASS can potentially participate in the Compensation Scheme of Last Resort, a new compensatory scheme to be funded by the federal government.

The DOCA has been amended such that it now captures the permanent stay or dismissal of the proceedings.

Read the decision here.