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On July 13, 2026, the Federal Court ordered the winding up of First Mutual Private Equity Pty Ltd (First Mutual) and an unregistered managed investment scheme operated by it and Gregory Raymond Cotton following an application by the Australian Securities and Investments Commission (ASIC). The court appointed Robert Woods and Salvatore Algeri of Deloitte SRT Pty Ltd as liquidators to oversee the process. ASIC sought the winding up to protect current and potential investors and to facilitate the orderly administration of remaining assets. The liquidators will now take control of First Mutual, identify and recover available assets, assess claims, and distribute any recovered funds to creditors and investors where possible. This appointment replaces prior court-ordered receivers and asset freezing orders that had been in place. The action follows ASIC's August 2025 application to freeze bank accounts of Mr Cotton and First Mutual to safeguard investor funds during its investigation. The Federal Court subsequently appointed receivers to investigate the financial position of First Mutual, including identifying investor funds received and how those funds were used. The Receivers' Report detailing these findings is available on the Federal Court website. ASIC's investigation into First Mutual and Mr Cotton remains ongoing. Investors seeking information about the winding up process or their claims can access further details through ASIC's dedicated First Mutual Private Equity page and the Federal Court website. The liquidators will manage the distribution of any recovered assets to affected parties.