Insolvency of a registered managed investment scheme is sufficient to satisfy the just and equitable ground for a winding-up order under s 601ND(1). The Court cannot appoint a person under s 601NF(1) of its own motion, and the 'necessity' requirement under s 601NF means the appointment must be essential for the winding up to occur, not merely desirable. A potential conflict of interest on the part of the responsible entity does not satisfy the necessity test. The availability of s 601NC for insolvent schemes was left as an open question.
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