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ASIC obtains interim injunction against Mayfair 101

Lachlan Maddock
— 1 minute read

ASIC has obtained interim orders against companies in the Mayfair 101 group and their director, James Mawhinney, including the appointment of provisional liquidators to one company. 

ASIC alleges that M101 nominees, a Mayfair company, raised approximately $67 million from investors through “M Core Fixed Income Notes” based on representations that there would be security for the full amount invested. ASIC alleges that the funds were not secured and that investors may be unable to recover the full amount of their principal investment. 

“ASIC alleges that M101 Nominees has been involved in breaches of the corporations legislation, and there is a justifiable lack of confidence in the conduct and management of its affairs that gives rise to a risk to the public that warrants protection,” ASIC said.

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The Federal Court appointed Said Jahani and Philip Campbell-Wilson of Grant Thornton as provisional liquidators of M101 Nominees, pending an application by ASIC to wind up M101 Nominees on “just and equitable grounds”.

“The provisional liquidators will provide a report to the Court by 24 September 2020 about the provisional liquidation of M101 Nominees, including identifying its assets and their value, and providing an opinion as to solvency and the likely return to creditors if the company is wound up,” ASIC said. 

The Federal Court also made additional interim orders restraining Mr Mawhinney and any companies of which he is an officer or shareholder from receiving or soliciting funds in connection with any financial product, advertising or promoting any financial product, or removing from Australia any assets acquired with funds received in connection with any financial product.  

 

ASIC obtains interim injunction against Mayfair 101
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