SB seeks your advice.In each of the questions below please refer to the relevant case law and legislation to support your answer. Use your own words at all times.

a)SB visited you before investing and asked you the following: "What is a managedinvestment scheme?"Briefly explain to SB what a managed investment scheme is,in terms of its legal structure, function and operation.

b)Milly is a shareholder of Luxe as well as an employee director. What are the legalimplications? Refer to case law and legislation in your answer.

c)What transactions, if any, can the liquidator 'claw back' as voidable antecedenttransactions?In your answer, please explain why and refer to relevant legislation.

d)What will be the likely order of payment of the funds available in the event of Luxe'sliquidation?