IPO Wealth Holdings, trading as Mayfair 101 Holdings, has appointed Cor Cordis as its voluntary administrators, following a freeze in redemptions in April.
The turnaround and restructuring advisory firm’s partner, Darryl Kirk, said IPO Wealth’s director, James Mawhinney appointed the administrators as a result of concerns around the solvency of the company and his view of a risk of a fire sale of assets by the received appointed by the firm’s trustee that could affect investor positions.
“The voluntary administration process provides an opportunity for the assets of the company to be preserved while restructuring options are canvassed. We will also be undertaking a thorough investigation into the company’s asset holdings and use of funds,” Kirk said.
In early April, the corporate watchdog commenced proceedings against Mayfair for misleading or deceptive advertising after promoting two debenture products to wholesale investors. Weeks later, the Australian Securities and Investments Commission restrained Mayfair from using specific words in their advertising.
