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Start-up fund GigSuper goes into liquidation
In a published notice from the Australian Securities and Investments Commission (ASIC) last week, it was revealed that start-up superannuation fund GigSuper has entered voluntary liquidation.
At a general meeting on 24 June, it was resolved that the company would be wound up and that principal at DW Advisory, Paul Gerard Weston, would be appointed liquidator.
The fund was first launched in 2017 by two former staffers of IG Australia, Peter Stanhope and Martin Batur, and aimed at self-employed people.
At the time, Stanhope emphasised his and Batur’s understanding of the importance of flexibility and ease of use.
“Working job-to-job means your income fluctuates through the year, and the ability to access your money if needed is vital,” Stanhope said. “Within five minutes clients can sign up for an account, roll over existing balances, set contributions, and more – all from their mobile phone.”
At the onset, the fund had ambitious goals of growing to 60,000 members with $2 billion in assets under management by 2026.
However, despite a capital raise, GigSuper entered administration in February 2022, owing $2.7 million to unsecured creditors and $200,000 to employees.
As reported by The Australian Financial Review at the time, the retail super fund had been warned by its trustee Diversa Trustees on 8 October 2021 that it would close its DIY Master Plan super product in the first half of 2022.
Two weeks later, Birchal, a crowdfunding platform, announced that GigSuper was undertaking a fundraising campaign.
Super Review reported in 2022 that GigSuper directors had rejected a bid from an undisclosed super fund prior to its folding on 10 December “as it was not in the best interests of the creditors and shareholders of the companies”.
Members of the fund were warned that the fund would close on 24 December, but email addresses weren’t hidden, which resulted in members getting in contact with each other to vent their angst over potentially losing their money.
AUTHOR
Jessica Penny
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