Australian Court Orders Winding Up of Global Capital Property Fund

The Federal Court of Australia has ordered the winding up of Global Capital Property Fund Limited (GCPF), a property investment company, on just and equitable grounds. This follows concerns raised by the Australian Securities and Investments Commission (ASIC) regarding the company's management. The Court appointed liquidators Ross Blakely and Kelly-Anne Trenfield of FTI Consulting to oversee the process.

ASIC first took action against GCPF in June 2024, obtaining interim orders to freeze its assets. GCPF has now consented to the liquidation. The Court also adjusted freezing orders to allow the liquidators to manage GCPF's property.

ASIC's investigation into GCPF and its related entity, United Global Capital Pty Ltd (UGC), is ongoing. Investors and creditors have been invited to contact the liquidators for further information.