Income Direct Appoints Voluntary Administrators Following De-Banking

Marbanc International advises that its Australian subsidiaries, Income Direct Australia Pty Ltd, Settlement Holdings Pty Ltd and ID Client Facilities Pty Ltd, have been placed into voluntary administration.

Nicholas Charlewood and Timothy Cook have been appointed as joint and several voluntary administrators.

The boards of the relevant companies resolved to make the appointments following an extended period of de-banking and financial exclusion from various Australian financial institutions. These restrictions have materially affected the companies’ ability to access essential banking services and conduct their operations in the ordinary course.

In December 2025, Income Direct Australia Pty Ltd commenced proceedings against Westpac Banking Corporation in the Supreme Court of New South Wales seeking damages arising from matters associated with its banking arrangements. Those proceedings are ongoing.

The voluntary administration process provides an independent framework through which the financial position and future of the affected companies can be assessed. The administrators will review the companies’ affairs and consider available restructuring and recapitalisation options.

Marbanc International intends to cooperate with the administrators as restructuring options are explored with the objective of protecting the interests of clients and other stakeholders to the greatest extent possible.

Further information will be provided as appropriate and in consultation with the voluntary administrators.