The focus for iProsperity was to manage funds and investments, primarily in Australian real estate for wealthy foreign investors. As part of the liquidation process, investigations are currently underway into potential legal claims exceeding $175 million.
We were appointed as voluntary administrators and later as liquidators of iProsperity, a group specialising in investment and funds management primarily within Australian real estate, catering to high-net-worth foreign investors, some involved in the significant investor visa (SIV) program. The broader iProsperity Group comprised around 64 entities.
The combined debts of the 12 entities in liquidation exceed approximately $400 million. One of the challenges has been the scarcity of tangible assets or recoverable loans on the balance sheet to repay creditors, compounded by the difficulty in tracing the source and final allocation of significant funds within iProsperity.
Our team’s extensive investigations have centred on two key avenues:
The funds tracing and recovery actions have now identified a potential claim pool exceeding $175 million.
Our ongoing investigations into the affairs of iProsperity have unearthed claims (none of which were evident on the balance sheet) including:
This continues to be an ongoing matter, having commenced during the start of the COVID-19 pandemic in 2020.