Mayfair 101 has hit back at accusations it acted inappropriately in deleting 1,500 documents as receivers circle one of its embattled funds.
Mayfair 101 has defended its decision to delete six user profiles and 1,500 documents from the group’s document management system, characterising them as routine management process for a “significant amount of data”. Mayfair also claimed the user profiles were not in use and that one was for the receptionist account for its London office.
“It shows Vasco and the receiver’s intent that they would seek to characterise normal data management processes in a bad light to the [court],” a spokesperson for Mayfair said. “If they had bothered to ask us about the data and email addresses, we would have provided them with the information as to what was deleted and why.”
Mayfair has engaged third-party IT experts to recover the information and provide a list of deleted documents, and has blasted receiver Dye & Co. as lacking “an understanding of the size and scope of the Mayfair 101 Group”.
“We have nothing to hide and will be putting material before the [court] that shows the accusations made today are false,” the spokesperson said. “This continues the aggressive stance of Vasco, which has appointed [receivers] in the midst of a global pandemic.”
The Supreme Court of Victoria has also adjourned the proceedings brought by trustee Vasco against the IPO Wealth Holdings Group. IPO Wealth Holdings has been placed into voluntary administration by Mayfair 101 in an attempt to protect it from liquidation by Dye & Co.
“We have been appointed as [voluntary administrators] of the company by James Mawhinney, a director of the company, as a result of concerns held by him on the solvency of the company and his view of a risk of a fire sale of assets by the receiver appointed by the IPO Wealth Fund’s trustee that could affect investor positions,” said administrator Darryl Kirk. “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.”
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