A mortgage lending arrangement where investors contribute funds that are pooled in a cash management account pending disbursement to borrowers, with interest shared pro rata, satisfies the definition of 'managed investment scheme'. Individual loans within a registered scheme do not require separate registration where ASIC class orders exempt them. The just and equitable ground for winding up under s 601ND(1) is satisfied where the administration of the scheme has broken down, the responsible entity is under administration, and investors require protection. The onus is on a person alleging that a proposed appointee is unsuitable to wind up schemes to demonstrate a real prospect of conflict, and that onus is heavy where the proposed appointee has become well acquainted with the affairs of the schemes.
The full text is available to signed-in members, including the 19 later cases that cite this judgment.
6 of the 19 citing cases carry a classified treatment. How each court treated it is available to signed-in members.