On Monday, the Federal Court ordered Australian company First Mutual Private Equity Pty Ltd and the unregistered managed investment scheme to be wound up after an ASIC application. The regulator confirmed the order on Tuesday.
The scheme was operated by First Mutual and company director Gregory Raymond Cotton.
Deloitte SRT insolvency specialists Robert Woods and Salvatore Algeri were appointed as liquidators. They previously served as court-appointed receivers over property belonging to First Mutual and Mr Cotton.
Liquidators take control of assets
Under the order, the liquidators will assume control of First Mutual, identify and recover available assets, then assess claims before any funds are distributed to creditors and investors.
The winding-up order does not determine individual investor entitlements. Any payments will depend on the assets recovered, the claims accepted and the legal position of potential recipients.
ASIC’s investigation material says First Mutual and Mr Cotton raised around $131 million between January 2020 and August 2025. Around $7 million in remaining assets had been identified.
The liquidation replaces the earlier receivership and asset-freezing arrangements.
ASIC’s investigation into First Mutual and Mr Cotton remains ongoing. The regulator says it has not concluded that a contravention occurred.
