The scheme property of a managed investment scheme (whether registered or unregistered) is to be identified by objective characterisation having regard to the constituent documents of the scheme, not by forensic tracing of where member contributions were actually applied. Land made available by a responsible entity to scheme members by way of lease and forestry rights, but not contributed to the common enterprise of the scheme, is not scheme property. Section 511 of the Corporations Act empowers the Court to determine substantive rights of third parties in a liquidator's application for judicial advice, following the High Court's reasoning in Macedonian Orthodox Community Church of St Petka, and the question is one of discretion rather than power.
The full text is available to signed-in members, including the 42 later cases that cite this judgment.
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