Bankruptcy threat for Mayfair 101 visionary Mawhinney
Mayfair 101 founder and self-styled visionary businessman James Mawhinney is facing a threat of bankruptcy over an alleged $3.5 million debt.
Marketing entrepreneur Aaron Monks has alleged Mr Mawhinney owed the debt from an agreement reached in August 2020, in Federal Court filings obtained exclusively by The Australian Financial Review.
James Mawhinney during Mayfair 101’s heyday.
“The respondent debtor informed and advised the applicant creditor … that he had and was continuing to suspend repayment of the debt to the applicant creditor as he had no capacity to pay the debt subject of the deed at this time,” said Mr Monks’ petition.
Mr Mawhinney is yet to file a defence to the creditor’s petition, which is a step in seeking a sequestration order that declares someone bankrupt.
It marks the latest turmoil surrounding Mr Mawhinney, whose Mayfair 101 finance group raised almost $210 million from investors amid plans for investments from a tourism mecca centred on Dunk Island to India-based accounting software.
All the money has been frozen since 2020, Dunk Island was repossessed, and some Mayfair companies found to have engaged in misleading and deceptive conduct and fined $30 million.
Mr Monks, based in the Sydney beachside suburb of Bronte, lists himself on LinkedIn as chairman of marketing group 360 Degree Media and a director of food delivery group KBox Global.
The original reason the alleged debt was incurred is not detailed in the petition. But the documents list payments allegedly made to a debt that then became the subject of money owed under a deed of agreement from August 2020.
Those three payments totalled $400,000 and were made between March and May, the petition stated.
The timing of the debt lines up with a
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