ISG Financial Services Limited - Wound Up

ISG Financial Services Limited, the responsible entity for the ISG Private Access Fund and the ISG Real Estate Equity Fund (the Schemes), was ordered to wind up the Schemes on 30 September.

Since 2019, the Schemes have received approximately $145 million from retail and wholesale investors who invested in special purpose companies focusing primarily on property developments.

In September 2022, ISG ceased paying distributions and later froze investor redemptions.

ASIC has been conducting an investigation into the company’s affairs since July 2023.

Although different receivers had initially been proposed by ISG and its director, Neil Cussen, Anthony Wright and Katherine Barnet of Olvera Advisors were appointed receivers to take responsibility for the winding up after ASIC and certain investors intervened.