Right now I'm using bonded contact for bolt heads and top plate and also for bottom plates. Frictonal contact between top and bottom plates and frictionless between the bolt shafts and the top and bottom plates. I feel I'm making some mistake with the contacts as I'm not getting the expected failure modes.

I also want to confirm if it ok to import the whole assembly from Inventor as a single model, making surfaces from solids for top and bottom plates and creating ply only for the plates in ACP Pre?