(1) The Court may, by order, direct the responsible entity of a registered scheme to wind up the scheme if:

(a)

the Court thinks it is just and equitable to make the order; or

(b)

within 3 months before the application for the order was made, execution or other process was issued on a judgment, decree or order obtained in a court (whether an Australian court or not) in favour of a creditor of, and against, the responsible entity in its capacity as the scheme's responsible entity and the execution or process has been returned unsatisfied.

(2) An order based on paragraph (1)(a) may be made on the application of:

(a)

the responsible entity; or

(b)

a director of the responsible entity; or

(c)

a member of the scheme; or

(d)

ASIC.

(3) An order based on paragraph (1)(b) may be made on the application of a creditor.