In the winding up of an unregistered managed investment scheme under s.601EE, where the trust deed identifies different forms of investment with individual investors through a system of beneficial interests in specific assets, losses attributable to a particular class of investment are allocated to investors who elected that class rather than shared pari passu. The court's general equitable jurisdiction, rather than s.424 of the Corporations Act or s.63 of the Trustee Act, is the appropriate basis for giving directions to a court-appointed receiver of such a scheme. The gap in the statutory framework for s.601EE winding up may be filled by s.601EE(2) order incorporating the termination provisions of the scheme's trust deed.
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