The Australian Securities & Investments Commission said the Federal Court has ordered the winding up of First Mutual Private Equity Pty Ltd and the unregistered managed investment scheme operated by First Mutual and Gregory Raymond Cotton, following an ASIC application. The court appointed Robert Woods and Salvatore Algeri of Deloitte SRT Pty Ltd as liquidators. ASIC said it sought the orders to support the orderly administration of remaining assets and to identify and, where possible, return available funds to investors. The 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. Their appointment replaces the earlier court-ordered receivership and asset freezing orders. ASIC began proceedings in August 2025 to freeze bank accounts linked to Mr Cotton and First Mutual, and receivers were later appointed to examine the business's financial position, including investor inflows and the use of those funds. ASIC's investigation into the affairs of First Mutual and Mr Cotton is ongoing.
Australian Securities & Investments Commission2026-07-14
Australian Securities & Investments Commission secures Federal Court winding up of First Mutual and unregistered scheme
The Australian Securities & Investments Commission said the Federal Court has ordered First Mutual Private Equity Pty Ltd and its unregistered managed investment scheme to be wound up, with Deloitte SRT liquidators appointed. The move shifts control from the earlier receivership to liquidation so assets can be recovered, claims assessed and any available funds returned to creditors and investors. ASIC's investigation into First Mutual and Gregory Raymond Cotton remains ongoing.