Last updated: 14 February 2020

ASIC has taken action against the financial firm

The Australian Securities & Investment Commission (ASIC) cancelled Berndale Capital Securities Pty Ltd’s (Berndale) Australian Financial Services Licence (290108) (AFSL) in November 2018. Berndale has appealed the cancellation of its AFSL with the Administrative Appeals Tribunal.

See ASIC’s Nov 2018 media release

On 5 December 2018 ASIC obtained freezing orders from the Federal Court against Berndale, its associated entities, and Mr Stavro D’Amore. This means Berndale’s bank accounts are now frozen and it is unable to sell or otherwise deal with its property without ASIC’s consent.

See ASIC's Dec 2018 freezing orders media release 

Liquidators have been appointed

On 18 April 2019 the Federal Court appointed Rachel Burdett-Baker and Bruno Secatore of Cor Cordis as Receivers and Managers of Berndale.

On 11 October 2019 the Federal Court appointed Rachel Burdett-Baker and Bruno Secatore of Cor Cordis as Liquidators of Berndale.

 See ASIC’s Apr 2019 appointment of receivers media release and the accompanying editor’s note regarding liquidation.

At this stage, we understand it is unlikely that Berndale investors will have all their funds returned. It is too early to estimate the amount of funds that might be returned to each investor. 

You may contact the Liquidators directly if you have any questions about their role. If you have correspondence or information that may assist the Liquidators, you should provide this to them as soon as possible. The relevant contact is:

Ms Samantha Wulff
Cor Cordis
PO Box 232
Collins Street West
Melbourne, VIC  
+61 3 8320 5615
swulff@corcordis.com.au

What this may mean for complaints

Consumers can continue to lodge complaints about Berndale’s conduct and services with AFCA while Berndale remains an AFCA member.

AFCA will continue to consider and handle complaints against the financial firm as quickly and efficiently as possible.

As explained above, given the current ASIC investigations and the appointment of the Liquidators, we are unable to advise about the return of funds to investors or payment of any compensation that AFCA may award. 

Complaints must be lodged with AFCA prior to 30 October 2020

Berndale is a current member of AFCA. While ASIC required Berndale to maintain its AFCA membership until at least 23 May 2019, Berndale will continue to remain a member of AFCA until 30 October 2020. 

If you have not lodged your complaint against Berndale, you will need to do so by 30 October 2020.  AFCA will not deal with complaints it receives against Berndale after that date.

We will keep you updated

AFCA will keep you up to date as we become aware of new information about Berndale that may affect complaints. Please check this webpage regularly.

Any questions?

If you have any questions or want more information about lodging a complaint, please

·         call: 1800 931 678

·         email: info@afca.org.au