One of Australia’s largest debt collection firms, Panthera Finance, reportedly attempted to collect over 200,000 individual debts in Victoria while allegedly operating under a ban from the state regulator, Consumer Affairs Victoria (CAV). Affected consumers who made payments during this period may be entitled to refunds if it is determined that the company’s actions violated the state’s regulations.
In 2024, CAV initiated legal proceedings against Panthera Finance for breaching Victorian fair trading laws by continuing debt collection activities despite being labeled a “prohibited person.” The Parramatta-based Francom Group acquired Panthera Finance in December 2023 and stated its intention to resolve the ongoing legal matters swiftly. A committal hearing is scheduled at the Melbourne Magistrates Court today to assess whether Panthera Finance Pty Ltd is, in fact, a prohibited entity.
After receiving a directive in June 2022 from CAV’s executive director, instructing the company to “immediately cease engaging in any business activities in Victoria,” Panthera allegedly continued its operations under a different entity named Panthera Finance (Vic) Pty Ltd. Data reviewed by Guardian Australia indicates that from May 2022 to June 2024, Panthera contacted a total of 221,729 accounts for debt collection in Victoria.
According to sources familiar with the situation, from mid-2022 until the end of 2024, Panthera Finance and its affiliates successfully recovered more than $40 million in debts from thousands of Victorian consumers while reportedly disregarding the state’s ban. A spokesperson for Francom commented, “Francom categorically denies the accuracy of the alleged facts the Guardian has presented. As this matter is before the court, it would be wholly inappropriate to comment further.”
In a letter sent to clients in November 2022, which was reviewed by the Guardian, Panthera asserted that it was conducting “business as usual” in Victoria, despite the prohibition. The company sought permission from the state’s Business Licensing Authority to resume operations, claiming that debts in Victoria had been assigned to its subsidiary, Panthera Finance (Vic) Pty Ltd.
For the new entity to legally collect debts, it would have required a debt sale agreement to facilitate the transfer of obligations, which reports suggest did not occur. In the client communication framed as a “question and answer” format, Panthera addressed the potential for consumers to challenge the debts collected during this timeframe, stating, “Panthera is confident it has abided with all the relevant laws regarding its operations in Victoria.”
If a breach of the law is found, the Australian Consumer Law and Fair Trading Act empowers the court to mandate refunds to affected consumers. An earlier investigation by Guardian Australia disclosed that Panthera allegedly continued acquiring debt from energy and telecommunications providers even after receiving explicit warnings from CAV that such actions could constitute a criminal offense. Documentation obtained by the Guardian shows that Panthera signed debt purchase agreements with companies including Energy Australia, Simply Energy, IPF Digital, Optus, and Origin Energy throughout 2021 and 2022.
In December 2023, Panthera Finance sold a debt portfolio valued at $24 million to Pioneer Credit, encompassing credit card and loan debts originating from the Commonwealth Bank, which reportedly included debts from Victorian customers. The prohibition arose following a 2020 federal court ruling that found Panthera had unduly harassed three consumers, resulting in a fine of $500,000. This ruling classified Panthera Finance as a “prohibited person” under the state’s debt collection regulations.
Francom declined to specify the number of customers affected, the total amount collected during the alleged ban, or its plans regarding refunds for customers. CAV has also refrained from commenting on whether it will pursue refunds as part of the current legal proceedings. Francom Group is understood to currently manage a total debt portfolio valued at $1.4 billion, derived from unpaid debts acquired from banks, lenders, and major telecommunications and energy companies, with approximately one-third, or $450 million, reportedly from Victoria.
The prohibition on Panthera Finance was lifted in March 2023, yet Francom has not resumed debt collection activities in Victoria while awaiting the court’s decision. Francom Group, which took over Panthera Finance after it was placed into administration by its financial backers, Brookfield, is owned by lawyer Charles Antoun. His wife, Georgina Antoun, is the company’s chief executive. Neither Francom nor the Antouns are accused of any wrongdoing.
In response to inquiries regarding the debt collection activities from 2022 to 2024, Georgina Antoun stated, “All allegations against Panthera Finance by CAV occurred under prior ownership. When we took over, we immediately set about transforming the company and aligning its debt practices with Francom’s, which are underpinned by strong moral and ethical values.” She emphasized that the company would not comment on how much debt Panthera Finance (Vic) Pty Ltd had collected during the period of the ban, citing respect for the ongoing judicial process.
Additionally, the company has announced plans to close its Brisbane office, explaining that this decision is due to “operational requirements.” A spokesperson noted that they are consulting with the 40 employees at the Brisbane office, with intentions to retain staff through relocation and assistance. Reports indicate that several former employees of Panthera have left Francom Group this year.
