But Equititrust's woes deepened further yesterday when former board member David Tucker filed a Queensland Supreme Court application to appoint insolvency expert David Clout to oversee the liquidation of the fund.
Mr Tucker alleges that Equititrust founder and sole owner Mark McIvor wants to strike partnership deals and make property investments
rather than see the fund's assets sold off so money can be returned to 1760 mostly senior investors.
"He will seek to undertake whatever he thinks necessary to return value to his wholly lost subordinated investment to the
detriment of investors," Mr Tucker wrote in a 44-page affidavit.
"McIvor is not a fit and proper person to conduct, or in any way be involved in, let alone be in control of, the winding up of the Equititrust Income Fund ... He does
not appreciate his statutory duties or what is in the best interest of investors. Nor is he committed to a proper and orderly winding up of the funds."
Mr Tucker alleges that the
fund should investigate legal action against former directors, including Mr McIvor, over the making and oversight of prior loans which have gone bad. His statement says such a probe, as well as dealing with a potential class action against the fund, will not occur while Mr McIvor is in control.
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