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BVIHCOM2021/0004 - 101 Investments Ltd v Eleuthera Group Pty Ltd, IPO Wealth Holdings Pty Ltd (in liquidation) and IPO Wealth Holdings No 3 Pty Ltd (in liquidation)

Commenced

18 January 2021, High Court of Justice, British Virgin Islands

Judge

The Honourable Justice Wallbank

Relief sought

  • Declaration that AUD19,460,672.96 was paid by Eleuthera Group Pty Ltd for 21,250,000 Accloud PLC shares pursuant to the Share Sale Agreement dated 4 October 2019 and Facility Agreement between 101 Investments Ltd and Eleuthera Group Pty Ltd.

  • Costs

Status

  • 18 January 2021 - Mayfair 101 commences proceedings.

  • 11 February 2021 - Ex parte application made for service of proceedings on defendants.

  • 19 March 2021 - Mayfair 101 amends claim to include Paymate shares and Accloud Revenue Share assets.

  • 29 March 2021 - liquidators advise they intend to file an application to set aside service.

Note: Mayfair 101 has made this application to protect the interests of the M+ noteholders whose funding helped finance the acquisition of the Accloud shares from IPO Wealth Holdings No 3 Pty Ltd.  The liquidators are seeking to obtain the benefit of the shares and the cash already paid.

Court Documents

Mayfair 101 Documents

Mayfair 101 Press Releases

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Latest updates

Update to Investors

The Mayfair 101 Group of companies reminds investors prior to investing in the products offered by the Mayfair 101 Group that:

  1. Mayfair 101 is not a bank, and nor are any of the companies in the Mayfair 101 Group. Therefore, the Mayfair 101 Group is not regulated by the Australian Prudential Regulation Authority (APRA) and investment in its products is not covered by the Australian Government’s Financial Claims Scheme (colloquially known as the ‘Government Bank Guarantee’ which covers deposits up to A$250,000 per depositor, per bank).
     

  2. As with all investment products, there are risks in investing in the Mayfair 101 Group’s products.
     

  3. Investing in the products offered by the Mayfair 101 Group is not the same as depositing money in a term deposit offered by a bank. Investing in Mayfair 101 Group products has a higher level of risk compared to investing in a bank term deposit.
     

  4. In certain circumstances, the Mayfair 101 Group can exercise the right to suspend some or all redemptions at the end of the fixed term. The Mayfair 101 Group exercised this right on 11 March 2020. As such, all redemptions are currently suspended until such time as management agrees to lift the suspension and process redemptions. Your investment in the products offered by the Mayfair 101 Group may also be subject to suspension of some or all redemptions at the end of the fixed term. This is a risk that you should take into account