Receivers and managers of an insolvent responsible entity have standing to bring a winding up application under s 601ND(1)(a) in the name of the responsible entity, both under the terms of their appointment and under s 420 of the Corporations Act. A scheme constitution's definition of 'scheme property' that purports to limit the statutory definition in s 9 is ineffective for the purposes of winding up under Part 5C.9. Scheme property includes rights over and interests in assets (such as trees on leased land) acquired with the proceeds of investor contributions, rather than ownership of the assets themselves. The 'just and equitable' ground for winding up managed investment schemes is informed by the case law on winding up corporations, and is satisfied where the responsible entity is hopelessly insolvent, no replacement entity is available, the scheme is non-viable, and the original arrangements have broken down.
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