Frozen managed fund? Help is here!
As the global pandemic continues to affect the economy, some managed funds facing liquidity or other operational issues have frozen withdrawals ostensibly to protect the best interests of members. However, members whose investments have been frozen and are facing hardship have been thrown a lifeline by ASIC with the registration of an instrument and implementation of individual hardship relief measures and rolling withdrawal relief. These hardship relief measures may provide members with up to 4 withdrawals per financial year up to $100,000 in total.