Redemptions of units in a non-liquid managed investment scheme pursuant to facility agreements or underwriting arrangements are subject to the withdrawal offer requirements of Part 5C.6 of the Corporations Act, and the facility agreements themselves do not constitute sufficient compliance with those requirements. Section 601KB(1) requires the responsible entity to identify existing scheme assets available to meet withdrawal requests before making a withdrawal offer; future or contingent assets are insufficient. Liabilities undertaken by a responsible entity 'in its personal capacity' do not transfer to a new responsible entity under s 601FS(1) because they fall within the s 601FS(2)(d) exception — the former responsible entity could not have been indemnified out of scheme property for obligations not undertaken in the performance of the trust.
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