Customers who suffered significant financial losses following the collapse of Zone RV, a luxury caravan manufacturer, are calling for an investigation by the Australian Securities and Investments Commission (ASIC). The company’s downfall has drawn attention from Federal Treasurer Jim Chalmers, who has expressed empathy for those affected amid allegations of insolvent trading.
Zone RV, which was based on the Sunshine Coast, entered administration, leaving hundreds of creditors—including employees, suppliers, and customers—in a precarious situation. Despite being voted in favor of by creditors in January to allow a Melbourne-based competitor to acquire the company’s assets and continue the brand, around 140 customers are still awaiting refunds totaling over $10 million for caravans that remain unbuilt. Many of these customers have paid deposits as high as $160,000.
As unsecured creditors, these customers risk losing everything, including their retirement plans. Liquidators have accused former director David Biggar of violating the Corporations Act by continuing to operate the business while insolvent for as long as two and a half years.
Natasha Daley, a Gold Coast resident who lost $160,000, has taken the initiative to represent approximately 70 customers who claim they are owed nearly $7 million. She has submitted a formal request to ASIC urging the regulator to take action against Biggar. “I feel disgusted and angry… there’s been significant consumer harm,” Daley stated. She and her husband had planned to embark on a trip around Australia post-retirement, a dream that has now been dashed. “Now, we are back to work for 12 to 18 months to try to recover some of our funds,” she added.
Daley emphasized the need for accountability, insisting that Biggar must face consequences for the alleged trading violations. “There are so many families, retirees who might never see their money again; we need ASIC to investigate thoroughly,” she remarked.
Biggar has not provided any comments in response to inquiries. According to the liquidator, Cor Cordis, the downfall of Zone RV can be attributed to poor financial management, gaps in leadership, and a reliance on customer payments for its operations. In December 2024, Biggar signed a loan agreement to personally lend Zone RV up to $10 million, but by June 2025, he had only extended $2 million to the company and repaid himself approximately $1 million shortly before the collapse.
Eduard Planken, a customer from Perth who lost $154,000, supports the push for an ASIC investigation into Biggar. “We want this to be exposed; these cases often go unnoticed,” he remarked. Planken, along with other customers from Western Australia, has been lobbying their federal representatives to bring this issue to parliament. They gathered outside the office of local MP Patrick Gorman, who was unavailable for a meeting and did not respond to inquiries from ABC News.
The situation has attracted the attention of Federal Treasurer Jim Chalmers, who has indicated his expectation for ASIC to enhance its enforcement efforts. “My heart goes out to the individuals affected, especially older Australians who were looking forward to their retirement but are now facing financial difficulties,” Chalmers told ABC News. He noted that the government is committed to equipping ASIC with the necessary resources to safeguard consumers. “The Albanese government is ensuring that ASIC has the leadership and resources needed to maintain a strong and well-regulated economy,” he added.
Chalmers appointed Sarah Court as the new chair of ASIC in February, highlighting her proven track record in enforcement. Reports at that time suggested her leadership would result in a more vigorous approach to oversight, particularly given concerns about ASIC’s previous enforcement capabilities. “In the latter half of last year, ASIC secured $350 million in civil penalties, underscoring its commitment to its role as a corporate regulator,” Chalmers stated.
The Zone RV case has sparked criticism from various quarters, including Shadow Treasurer Tim Wilson, who described the collapse as “distressing” and pointed to a lack of resources for the corporate watchdog. He has criticized Chalmers for not adequately funding ASIC to ensure effective oversight.
In response to inquiries, an ASIC spokesperson refrained from confirming whether an investigation into Zone RV is underway but encouraged anyone with relevant information to come forward. “We will continue to review any significant updates from the liquidators and any misconduct reports from creditors or the public,” the spokesperson stated. They also noted a 129 percent increase in formal investigations conducted over the past five years and reaffirmed their commitment to taking strong enforcement actions against businesses and directors who engage in wrongful practices.
ASIC recently reported a notable rise in misconduct complaints, receiving 9,686 reports between July and December of the previous year, compared to 7,561 in the first half of that year.
