Receivers and managers of a company holding trust assets (including responsible entities of managed investment schemes) owe a duty to act responsibly towards the trust property, analogous to the duty of liquidators. An equitable lien for reasonable expenditure on preservation and protection of trust assets arises as a matter of law in priority to all other charges, but does not extend to enhancement expenditure unless incidental to preservation. The lien attaches only to the trust property preserved, not to property of third parties who may also benefit.
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