Acting on behalf of Vasco Trustees Limited, Madgwicks Lawyers is pleased to have successfully appointed provisional liquidators over IPO Wealth Holdings Pty Ltd, a member of the Mayfair Group, together with 16 wholly owned subsidiaries of the company.
Partner Angelo Conti, assisted by Senior Associate Lisa McNicholas, appointed Hamish MacKinnon and Nicholas Giasoumi of Dye & Co as provisional liquidators after IPO Wealth Holdings defaulted on its loan to Vasco. Acting quickly on behalf of the investors in the fund, Vasco Trustees Limited engaged Madgwicks to ensure that the assets of the various entities were preserved.
Madgwicks is pleased to have successfully undertaken the proceedings to protect the interests of unitholders in the IPO Wealth Fund. Supreme Court of Victoria Justice Ross Robson said in an oral judgement delivered on Thursday 2 July 2020:
“There are several aspects relating to the administration of the scheme which strongly suggests that the assets of the fund have been wrongly dealt with to the detriment of investors.”
Partner Angelo Conti stated: “This is an important result for unitholders in the fund and we look forward to working with the provisional liquidators to find a positive solution whilst working to protect the interests of the unitholders. The appointment will provide additional important powers that will aid in the recovery process.”
In addition to IPO Wealth Holdings, the provisional liquidators have also been appointed over 16 special purpose companies following an application to the Supreme Court of Victoria.