diff --git a/contracts/MinimumDepositController/IMinimumDepositController.sol b/contracts/MinimumDepositController/IMinimumDepositController.sol
index 172f3d5..a84145f 100644
--- a/contracts/MinimumDepositController/IMinimumDepositController.sol
+++ b/contracts/MinimumDepositController/IMinimumDepositController.sol
@@ -66,13 +66,15 @@ interface IMinimumDepositController {
      * @param _depositFeeRate Deposit fee rate (in BPS)
      * @param _minimumDeposit Minimum deposit value (in assets)
      * @param _ceiling Ceiling value
+     * @param _areLiveDepositsAllowed Value indicating whether deposits should be allowed during live portfolio status
      */
     function initialize(
         address manager,
         address _lenderVerifier,
         uint256 _depositFeeRate,
         uint256 _minimumDeposit,
-        uint256 _ceiling
+        uint256 _ceiling,
+        bool _areLiveDepositsAllowed
     ) external;
 
     /**
diff --git a/contracts/MinimumDepositController/MinimumDepositController.sol b/contracts/MinimumDepositController/MinimumDepositController.sol
index 060037e..b377103 100644
--- a/contracts/MinimumDepositController/MinimumDepositController.sol
+++ b/contracts/MinimumDepositController/MinimumDepositController.sol
@@ -28,13 +28,15 @@ contract MinimumDepositController is IMinimumDepositController, Initializable, A
         address _lenderVerifier,
         uint256 _depositFeeRate,
         uint256 _minimumDeposit,
-        uint256 _ceiling
+        uint256 _ceiling,
+        bool _areLiveDepositsAllowed
     ) external initializer {
         _grantRole(MANAGER_ROLE, manager);
         lenderVerifier = ILenderVerifier(_lenderVerifier);
         depositFeeRate = _depositFeeRate;
         minimumDeposit = _minimumDeposit;
         depositAllowed[Status.CapitalFormation] = true;
+        depositAllowed[Status.Live] = _areLiveDepositsAllowed;
 
         ceiling = _ceiling;
     }
diff --git a/deployments-goerli.json b/deployments-goerli.json
index 48de304..7b1fbd2 100644
--- a/deployments-goerli.json
+++ b/deployments-goerli.json
@@ -1,8 +1,8 @@
 {
   "goerli": {
     "minimumDepositController": {
-      "txHash": "0x6fb8081d4e6128a73c6c3db194bd3acd3966a1af33cb9814c9202d6c1f6d46b3",
-      "address": "0x5e51693fAe780A9Ec7A999F6d46C9935695e4f12",
+      "txHash": "0x1fd568cb6338fa8c26ee4cc0f6a6568a04b44b0788df636f06e14e76f0dd961f",
+      "address": "0xD810708e4A02c8C58e3955510f1c9B77A33fA8B8",
       "multisig": false
     }
   }
diff --git a/deployments-optimism_goerli.json b/deployments-optimism_goerli.json
index f411872..d9c3609 100644
--- a/deployments-optimism_goerli.json
+++ b/deployments-optimism_goerli.json
@@ -1,8 +1,8 @@
 {
   "optimism_goerli": {
     "minimumDepositController": {
-      "txHash": "0x162d7b478390cc8444a7b8564f770e13b67d596bb071a84785945f0afea61f23",
-      "address": "0xb7DaEb7232795C7e59A8CC2fb0e6A1CEe43DBD5F",
+      "txHash": "0x590114e56a32c91946d2c5420621c1a6f29c6d3eefc7d84be0ad9bb08377e9ea",
+      "address": "0xd07ab981B8F8f3a89D8D0A6a4318Df9BBB7c546D",
       "multisig": false
     }
   }
diff --git a/test/contracts/initialize.test.ts b/test/contracts/initialize.test.ts
index 8f9f1e3..402e16c 100644
--- a/test/contracts/initialize.test.ts
+++ b/test/contracts/initialize.test.ts
@@ -2,6 +2,8 @@ import { expect } from 'chai'
 import { minimumDepositControllerFixture } from 'fixtures/minimumDepositControllerFixture'
 import { PortfolioStatus } from 'fixtures/structuredPortfolioFixture'
 import { setupFixtureLoader } from 'test/setup'
+import { AllowAllLenderVerifier__factory, MinimumDepositController__factory } from 'contracts'
+import { Wallet } from 'ethers'
 
 describe('MinimumDepositController.initialize', () => {
   const loadFixture = setupFixtureLoader()
@@ -49,4 +51,17 @@ describe('MinimumDepositController.initialize', () => {
       expect(await depositController.depositAllowed(status)).to.deep.eq(defaultValue)
     }
   })
+
+  it('sets deposit allowed in live status based on initialize argument', async () => {
+    const areLiveDepositsAllowed = true
+
+    const { depositController } = await loadFixture(async ([wallet]: Wallet[]) => {
+      const lenderVerifier = await new AllowAllLenderVerifier__factory(wallet).deploy()
+      const depositController = await new MinimumDepositController__factory(wallet).deploy()
+      await depositController.initialize(wallet.address, lenderVerifier.address, 500, 100, 0, areLiveDepositsAllowed)
+      return { depositController }
+    })
+
+    expect(await depositController.depositAllowed(PortfolioStatus.Live)).to.deep.eq(areLiveDepositsAllowed)
+  })
 })
diff --git a/test/fixtures/minimumDepositControllerFixture.ts b/test/fixtures/minimumDepositControllerFixture.ts
index f8a044f..43dd797 100644
--- a/test/fixtures/minimumDepositControllerFixture.ts
+++ b/test/fixtures/minimumDepositControllerFixture.ts
@@ -7,6 +7,6 @@ export async function minimumDepositControllerFixture([wallet]: Wallet[]) {
   const depositController = await new MinimumDepositController__factory(wallet).deploy()
   const depositFeeRate = 500
   const minimumDeposit = 100
-  await depositController.initialize(wallet.address, lenderVerifier.address, depositFeeRate, minimumDeposit, 0)
+  await depositController.initialize(wallet.address, lenderVerifier.address, depositFeeRate, minimumDeposit, 0, false)
   return { depositController, depositFeeRate, minimumDeposit, lenderVerifier }
 }
diff --git a/test/fixtures/structuredPortfolioFactoryFixture.ts b/test/fixtures/structuredPortfolioFactoryFixture.ts
index 9516a7e..7d7974d 100644
--- a/test/fixtures/structuredPortfolioFactoryFixture.ts
+++ b/test/fixtures/structuredPortfolioFactoryFixture.ts
@@ -88,6 +88,7 @@ export const getStructuredPortfolioFactoryFixture = (tokenDecimals: number, mini
         0,
         minimumDeposit,
         parseTokenUnits(1e10),
+        false,
       ]),
       withdrawControllerImplementation: withdrawController.address,
       withdrawControllerInitData: withdrawController.interface.encodeFunctionData('initialize', [wallet.address, 0, 1]),
@@ -108,6 +109,7 @@ export const getStructuredPortfolioFactoryFixture = (tokenDecimals: number, mini
         0,
         minimumDeposit,
         parseTokenUnits(1e10),
+        false,
       ]),
       withdrawControllerImplementation: withdrawController.address,
       withdrawControllerInitData: withdrawController.interface.encodeFunctionData('initialize', [wallet.address, 0, 1]),
@@ -128,6 +130,7 @@ export const getStructuredPortfolioFactoryFixture = (tokenDecimals: number, mini
         0,
         minimumDeposit,
         parseTokenUnits(1e10),
+        false,
       ]),
       withdrawControllerImplementation: withdrawController.address,
       withdrawControllerInitData: withdrawController.interface.encodeFunctionData('initialize', [wallet.address, 0, 1]),