The Federal Court has ordered that First Mutual Private Equity Pty Ltd and the unregistered managed investment scheme operated by it and Gregory Raymond Cotton be wound up, following an application by the Australian Securities and Investments Commission (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.

The regulator 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.

In August 2025, ASIC commenced proceedings to obtain orders to freeze the bank accounts of Mr Cotton and First Mutual to safeguard investor funds while ASIC’s investigation progressed.

Orders were later made appointing receivers to the property of Mr Cotton and First Mutual, with the receivers ordered to investigate the financial position of the First Mutual business, including identifying the amount of money received from investors and how those funds have been used, and to report their findings to the Court.

On 13 July 2026, the Federal Court ordered that First Mutual and the scheme operated by it and Mr Cotton be wound up, and appointed liquidators to carry out the winding up process.