Court orders ASIC to preserve assets from doomed trust

The New South Wales Supreme Court has ordered ASIC to protect assets in the Deckchair Trust after an associated member sought to take sole control of the trust following winding-up orders.

NSW accountant and former solicitor Christopher Edwards purportedly changed the trustee for the Deckchair Trust from Great Northern Morayfield to himself on 23 July 2026, following orders to wind up the 12 companies - including Great Northern Morayfield - associated with himself.

Edwards operated as an authorised representative under National Tax and Accountants' Association's Australian financial services licence (AFSL) between 2016 and 2021.

The initial orders included the appointment of provisional liquidators as interim receivers and managers of the assets held by Great Northern Morayfield as trustee for the Deckchair Trust.

After becoming aware of Edwards' movement, ASIC filed an urgent application seeking further orders, including against Edwards personally.

The new orders include the confirmation of provisional liquidators for the Deckchair Trust and Edwards to join the proceedings as a party, disclosing the relevant books and records.

ASIC's joinder of Edwards as a party to the proceeding is presently limited to obtaining orders with respect to the Deckchair Trust, ASIC said, stating the investigation remains ongoing.

On 25 March 2026, ASIC commenced winding up proceedings in the NSW Supreme Court for 12 companies, including Ironbark Holdings Australia; Great Northern Developments; GND Construction Management; Great Northern Bundaberg; Great Northern Investments; Great Northern Morayfield; Great Northern Phoenix Group; Great Northern Properties; Great Northern Victoria; Ironbark Energy; Knightsbridge Realty; and Richmond Corporation, all of which Edwards is an associate member with.

ASIC banned Edwards in September 2025 for 10 years after identifying he provided financial advice without an AFSL for more than four years. He was subsequently disqualified as a self-managed super fund auditor from 28 May 2026.