"They just need a very thin legal basis to start anything."
I think it would need to be better than thin as whoever finances (IMF Bentham e.g.) the CA will not bet their dollars on 'thin'. And 'thin' is not really the way to view the matter - in my view.
You need a legal basis. You need a breach of provisions of the Corporations Act 2001 or a common law action - negligence, breach of contract e.g.
Just my view.
But good luck to all - the average person losing their hard earned is not what we would wish on anyone.
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