The Court refused summary judgment on the basis that investors who issued s 601MB notices voiding their subscription contracts with an alleged unregistered managed investment scheme have real prospects of establishing they remain 'members' with standing to seek winding up under s 601EE(1)(c), because the statutory definition of 'interest' encompasses rights to benefits 'whether enforceable or not', and s 601MB does not expressly terminate membership status. The Court also held that the investors' restitutionary claims were sufficient to confer standing as creditors for a just and equitable winding up application under s 461(1)(k), adopting the Richmond Lifts framework that a creditor does not lose standing merely because the company disputes the debt. The substantive questions of whether the arrangement constituted a managed investment scheme and the ultimate effect of the s 601MB notices were left for final hearing as complex and novel issues unsuitable for summary determination.
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