Income Direct Australia Pty Ltd, Settlement Holdings Pty Ltd and ID Client Facilities Pty Ltd have entered voluntary administration, with Nicholas Charlwood and Timothy Cook of Balance Insolvency appointed administrators on 6 August 2026.
The appointments follow months of disruption to Income Direct’s banking arrangements. The company said earlier this year that it had stopped accepting new clients after restrictions on banking facilities affected its ability to transact with counterparties through Australian financial institutions. Income Direct said it commenced proceedings against Westpac in December 2025 and maintained that it continued to own assets and investments while seeking to restore normal banking arrangements.