The Federal Court has ordered that First Mutual Private Equity Pty Ltd (First Mutual) and the unregistered managed investment scheme operated by it and Gregory Raymond Cotton (Mr Cotton) be wound up, following an application by ASIC.
The court also appointed Robert Woods and Salvatore Algeri of Deloitte SRT Pty Ltd as liquidators.
ASIC made the application to facilitate the orderly administration of the remaining assets and to enable any available funds to be identified and, where possible, returned to investors.
ASIC took the decision to seek the winding up of First Mutual and the unregistered managed investment scheme in order to protect current and potential investors.
Liquidators will now take control of First Mutual, identify and recover available assets, assess claims, and, where funds are available, distribute them to creditors and investors.
The appointment of liquidators replaces the prior court-ordered appointment of receivers and asset freezing orders.
ASIC’s investigation into the affairs of First Mutual and Mr Cotton is ongoing.
