Restructuring advisory firm Cor Cordis has been appointed as the voluntary administrator of Mayfair 101’s IPO Wealth Holdings.
The move follows the appointment of receivers to IPO Wealth in May by Vasco Trustees after two repayments were missed.
The AFR reported that these missed repayments were worth $3 million and followed the freezing of redemptions for investors last month.
Mayfair 101, the group behind a $1.6 billion redevelopment in Dunk Island in Far North Queensland, says the decision to appoint voluntary administrators was made in order to protect IPO Wealth Fund investors from the liquidation of the assets held by IPO Wealth and its subsidiaries.
“The decision to undergo a voluntary administration process is centred on provid…
Read the full article at: https://www.businessnewsaus.com.au/articles/mayfair-101-places-ipo-wealth-into-voluntary-administration.html
