Mayfair 101s IPO Wealth declared voluntary administration and appointed administrators from Cor Cordis in an attempt to prevent its trustee, Vasco, to prevent a fire sale of its assets. But the Supreme Court of Victoria has now decided that it was appropriate for Vasco to appoint receivers from insolvency firm Dye & Co a move Mayfair managing director James Mawhinney blasted as displaying a lack of commercial aptitude and the fund is now set to be liquidated.
It is disappointing that Vascos decision to appoint receivers has forced the end to an otherwise independent process that we sought to undertake via the voluntary administration, Mr Mawhinney said. Moving forward, we will be cooperating with the provisional liquidators to ensure …
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