A responsible entity's initiation of winding-up steps under s 601NC(2) of the Corporations Act 2001 (Cth) will be treated as abandoned where no actual steps to realise assets, determine member interests, or distribute scheme property are taken following the expiry of the statutory notice period. Insolvency of both the scheme and the responsible entity, combined with inability to achieve the scheme's stated purpose and absence of a replacement responsible entity, establishes the just and equitable ground for winding-up under s 601ND(1)(a).
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