Australia

Mayfair 101 places IPO Wealth Holdings into voluntary administration

This content has been provided by Mayfair 101 Group

Mayfair 101 Group has placed IPO Wealth Holdings Pty Ltd into voluntary administration in order to protect IPO Wealth Fund investors from the liquidation of the assets held by IPO Wealth Holdings Pty Ltd and its subsidiaries.

The group has appointed Barry Wight, Daryl Kirk and Rachel Burdett of Cor Cordis, one of the countrys largest restructuring and turnaround advisory firms, as voluntary administrators.

The appointment comes as a result of the decision of the IPO Wealth Funds trustee, Vasco Trustees Limited, to appoint receivers to the IPO Wealth Holdings group of companies on May 22, 2020.

A spokesperson for the Mayfair 101 Group said: “The decision to undergo a voluntary administration process is centred on providing IPO Wealths investors with the opportunity to convene a unitholder meeting and vote on a proposal from the Mayfair 101 Group to restore monthly distributions and facilitate redemptions in a timely manner, preserving the value for our investors.

"Nearly 70% of our investors have already shown their support for calling a unitholder meeting.”

In an email to Mayfair 101 Group, a unitholder expressed: “I utterly refute Vascos statement that the available assets would not be sold in a 'fire sale' nor that iRead More – Source

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