When considering whether to wind up an unregistered managed investment scheme under s 601EE, the court must identify the specific aspects of the public interest that would be promoted by a winding-up order. The wishes of investors are relevant but not the overriding consideration. The major elements of public interest include preservation of the integrity of the investor protection system, prevention of continuing breaches, and orderly functioning of external administrations. Where schemes are wound up, associated corporate entities with no independent business or assets should ordinarily also be placed in liquidation to avoid fragmented administration and sterile disputes about power.
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