John Morgan.
Tony Wright.
For a newly installed receiver it can be unfortunate when ASIC intervenes in proceedings commended by your appointor.
Will the regulator be happy to go with the practitioner who’s provided the consent? Or will some other factor come into play?
On Monday an example came our way when judgment in Cussen, in the matter of Lindak Investment Holdings Pty Ltd [2025] FCA 675 was delivered in the Federal Court.
The judgment relates to two investment schemes – ISG Private Access Fund and the ISG Real Estate Equity Fund – to which Neil Cussen, Kate Barnett and Tony Wright were appointed as receivers in mid-2024.
The appointment of the Olvera Advisors‘ threesome was brought about in circumstances where Benjamin Godfrey, the director of ISG Financial Services Pty Ltd – the schemes’ responsible entity – had made an application in the Supreme Court of Queensland on August 27, 2024, seeking to appoint as receiver his preferred practitioner.
Within days ASIC intervened. In a statement it said had concerns about ISG’s financial, governance and compliance positions. No reference to any concerns about the receiver appointed.
Out of the woodwork then sprung scheme investors, eager to intervene in respect of Godfrey’s chosen nominee, John Morgan of BCR Advisory.
For reasons not made apparent in this week’s judgment the investors were granted their wish that Morgan, who confirm he’d provided a consent, be overlooked and the Olvera trio preferred.
Morgan told us he never spoke to Godfrey. His dealings were with referrer Ginette Muller of GM Advisory.
But the investors, who piggy backed on the ASIC intervention, got their way.
No doubt, Morgan who has substantial resources and at the time had recourse to the resources of Bentley’s, and whose firm was number two in NSW for appointments in 2024, has plenty on his plate.
Godfrey a crook. Cannot be trusted