David Coe, the former chairman of Allco Finance Group that collapse during the global financial crisis, has died of a heart attack in Aspen, Colorado.

Family members and friends of the entrepreneur confirmed that he died during a skiing trip with his family in the US. Coe is now survived by wife Michelle and three sons. Coe had led Allco Finance Group to launch a bid for Qantas Airways before the company collapsed due to the global financial crisis.

Allco had gone into administration of outside managers in November 2008 after it was not able to replay its loans. Creditors of the company had decided to close down the company in May 2009. Allco had raised debt to acquire diversified assets like wind farms and aircraft but faced difficulties in repaying its debt, convincing market players to sell their shares in the company resulting in a crash of the share value.

Since the fall of Allco Finance, Mr Coe dedicated a lot f his time for philanthropic initiatives. He has been the chairman of Sydney's Museum of Contemporary Art, and was also on the board of the Sydney Children's Hospital Foundation and the National Gallery of Australia Foundation.