Receivers appointed to Mayfair 101 companies, with more than $85m investor funds at risk

Move on owner of Dunk Island comes after company failed to make $3m in loan repayments to IPO Wealth Fund

More than $85m that retirees have poured into a fund controlled by Dunk Island owner Mayfair 101 is at risk, after receivers were appointed over more than a dozen companies in the group.

The Victorian supreme court appointed Nicholas Giasoumi and Hamish MacKinnon, of Dye & Co, as receivers of the companies on Friday after Mayfair 101 failed to make $3m in loan repayments to the IPO Wealth Fund.

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from World news | The Guardian