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Legal 

matters

S ECI 2021 00016 - IPO Wealth Holdings No 3 Pty Ltd (in liquidation) & Ors v 101 Investments Ltd & Ors

Commenced

7 January 2021, Supreme Court of Victoria

Judge

The Honourable Justice Attiwill

(formerly The Honourable Justice Connock)

Relief sought

  • Declaration that the share sale agreement was validly terminated

  • Declaration that the share sale agreement was an uncommercial transaction

  • Declaration that the share sale agreement was an insolvent transaction

  • Declaration that the share sale agreement was an unreasonable director-related transaction

  • Declaration that the share sale agreement is a voidable transaction

  • Declaration that the share sale agreement is void

  • Order directing the registration of 21,250,000 Accloud shares with the Plaintiff as the holder

  • Declaration of breach of fiduciary duties

  • Declarations of breach of various director duties

  • Compensation and costs

Timeline

  • 7 January 2021 - proceedings commenced in Supreme Court of Victoria

  • 8 December 2021 - liquidators ordered to re-plead their case due to defective pleadings
     

Note: Mayfair 101 is defending every aspect of this proceeding.

Court Documents

  • Originating Process

  • Statement of Claim

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