Where a responsible entity of registered managed investment schemes is in liquidation, the liquidators' remuneration for work properly incurred in the performance of the responsible entity's duties may be paid from scheme property under the Berkeley Applegate principle, but remuneration of the liquidators as administrators of a related service company cannot be recovered from scheme property merely because the service company's creditors approved the remuneration. Where a court-appointed receiver has been given responsibility for a fund's winding up, the liquidators cannot charge the fund for oversight of the receiver's performance based on contractual controllership arrangements. Undifferentiated expenses across multiple funds should be apportioned equally among the non-feeder funds rather than rateably by asset value.
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