When the ASC brings a winding-up application on the just and equitable ground, the court may have regard to public interest considerations including investor protection and the maintenance of proper standards in the superannuation industry, even where the companies are solvent. A person who controls the strategic direction of a company and whose directions the board follows in matters of significance is a deemed director under s60(1) even if the directions are not formal or all-encompassing. Professional corporate trustees are held to a higher standard of care than ordinary trustees, and directors of trust companies must appreciate the difference between entrepreneurial action and the caution required of trustees.
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