The Australian Securities & Investments Commission has commenced Federal Court proceedings seeking the appointment of a receiver to investigate a proposed sale of Interprac Financial Planning Pty Ltd by Sequoia Wealth Group Pty Ltd to Conquest Investment Partners Pty Ltd under a March 2026 share sale agreement for AUD 50,000. If appointed, the receiver would investigate and report on whether the sale is bona fide, fair and reasonable, and report on Interprac’s financial position and solvency. The application is driven by concerns the sale could adversely affect creditors, including liabilities arising from Australian Financial Complaints Authority (AFCA) complaints connected to the collapsed Shield Master Fund and First Guardian Master Fund, given Sequoia may cease to guarantee Interprac’s debts upon completion. AFCA has issued two lead determinations against Interprac and there are approximately 911 open AFCA complaints. ASIC also noted that under a May 2022 Deed of Cross Guarantee among Sequoia Financial Group entities, completion of the sale combined with certification by Sequoia Financial’s directors that the sale is bona fide and the consideration is reasonable would release Sequoia and other group entities from obligations under the deed. The court application sits alongside ASIC’s November 2025 civil penalty proceedings against Interprac alleging failures to ensure former authorised representatives complied with best interests obligations and failures in risk management systems, in connection with advice that led around 6,843 clients to invest around AUD 677 million of superannuation into Shield and First Guardian; ASIC is seeking declarations, civil penalties and orders to restrain Interprac from carrying on a financial services business.

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