Area Wealth Administration Services in liquidation after $5.2m debt

The company co-founded by a former Geelong Amateurs president was taken to court by its own chairman in April.

Dean Lupton co-founded AreaWealth in 2019 - now, it is in liquidation owing staff and creditors millions. Picture: Facebook

An investment portfolio management business run by a former Geelong Amateurs Netball president has been forced into liquidation after accumulating a $5m debt in just five years.

Area Wealth Administration Services Pty Ltd was ordered to wind up by the Supreme Court of New South Wales on April 17.

Brendan Copeland of HoganSprowles was subsequently appointed liquidator.

A report lodged with the Australian Securities and Investments Commission (ASIC) in January showed AreaWealth owes 14 creditors more than $4.6m and six employees nearly $630,000 in unpaid wages and superannuation.

All names of the creditors and staff on the document were redacted.

Geelong West resident Dean Lupton says he is the co-founder and director of the business on his LinkedIn account.

Mr Lupton, once the president of the Geelong Amateurs netball club, is a self proclaimed “integral player in the industry.”

Mr Lupton has three decades of experience in banking and finance technology. Picture: Facebook

He was also the founder and director of the now derigestered entity Omniux Consulting Pty Ltd, which owned 5000 shares in AreaWealth.

ASIC documents reveal the company’s former chairman, Andrew Rennie, applied for the winding up order that made it insolvent.

It is not the first time AreaWealth has had legal issues with one of its own leaders.

In 2024, the company appeared in Sydney’s District Court for a civil case against Manon Youdale – the company’s co-chief executive in 2023.

The Geelong Advertiser was denied access to the court documents for that case.

Mr Rennie, formerly a partner and managing director at Wall Street powerhouse Goldman Sachs, was chosen to head up the board in January 2023.

He left the role six months later.

Goldman Sachs building in New York. Picture: Johannes EISELE / AFP

At the time of his appointment, he told Australian Fintech the company was “perfectly positioned” to make great strides forward.

“The next 12 to 24 months will be transformative for AreaWealth as it attracts new investors to the business, grows its funds under management and evolves the wealth management industry,” he said.

“AreaWealth’s highly experienced executive leadership team has developed a technology solution … that delivers significant time efficiencies and cost savings.”

The company claimed to offer a flexible digital platform that catered to financial advisers serving national and international clients in the “ever changing financial services landscape”.

According to its LinkedIn, it employed up to 50 people across its three locations – a headquarters in North Geelong as well as offices in Sydney and Melbourne.

Mr Copeland and Mr Lupton did not respond when contacted for comment.

Originally published as Area Wealth Administration Services in liquidation after $5.2m debt