iProsperity Subsidiary In Receivership

The A-REIT, Agricultural Land Trust (ALT), said it had appointed Levi Consulting as receiver of iProsperity Underwriting (iPU)


Key points:

  • iPG subsidiary placed into receivership

  • Apparently for not paying interest of more than $3m

  • iPG recently struck two hotel portfolio deals


A subsidiary of Sydney-based real estate fund manager iProsperity Group (iPG) has been placed into receivership after apparently not paying interest of more than $3m due on loans provided by ASX-listed Agricultural Land Trust (ALT). The A-REIT said it had appointed Levi Consulting as receiver of iProsperity Underwriting (iPU) after it had "not remedied the various events of default that existed" ALT reported a $959,000 interim net profit for the six months to December 2019, however it stated that this would be altered to a $2.2m loss if the interest was not paid.

iProsperity Underwriting (IPU) is jointly owned by iPG CEO Michael Gu and CFO Harry Huang.


iPG recently struck two hotel portfolio deals, one in Australia (c. $300m) and another in the United States (c. $700m).

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