Ian Niccol and Ozem Kassem from Sydney-based liquidator KFT Restructuring have been appointed as voluntary administrators of Freedom Care Group Pty Ltd (FCGPL) – a subsidiary of FCG that accounts for approximately 80 per cent of consolidated revenue.

The duo was appointed yesterday and is working in consultation with the National Disability Insurance Agency (NDlA).

The decision comes after the FCG revealed in early November that it had received two notices from the NDIS Quality and Safeguards Commission, advising that its status as a registered NDIS provider should be revoked, and of a preliminary view that it may be appropriate to place a banning order on the company providing disability support, directly or indirectly. 

The appointment of administrators is directly linked to the probe from the Commission, as the NDIS has suspended payment due to the protracted review of FCGPL’s support services claims. 

According to Freedom Care Group’s website, the Sydney-based company has worked with more than 3,000 participants, employed hundreds of workers and 90-plus allied health professionals. The group offers allied health services such as occupational therapy, behaviour intervention supports, speech pathology, psychology, physiotherapy, podiatry, in addition to supported independent living (SIL) and specialised disability accommodation.

Administrators told Business News Australia that FCGPL has approximately 52https://www.businessnewsaustralia.com/1 participants in allied health services, 472 participants in day programs or receiving core support and 54 participants under SIL. The company also employs 200 people and works with https://www.businessnewsaustralia.com/100 subcontractors at the time of administration. 

Investors reacted poorly to the news of the NDIS audit, with shares falling 42 per cent to 7.5 cents per share (cps) on 6 November. The company, which listed on the ASX in November 2023 with a market capitalisation of $2https://www.businessnewsaustralia.com/1.66 million, has seen its value drop by 62 per cent since then.

Prior to falling into administration, Freedom Care Group reported having enough cash to fund operations only through mid-February 2025. Despite a 38.8 per cent increase in revenue to $32.8 million for FY24, profits were down by two-thirds, partly due to IPO-related costs amounting to $700,000.

Freedom Care Group had been pursuing expansion into Greater Sydney, Melbourne, Brisbane and Perth, and was managing plans for acquisitions. Government contracts made up 95 per cent of the company’s revenue.

Freedom Care Group remains in voluntary suspension. The first creditors meaning will be held on https://www.businessnewsaustralia.com/17 December.