My guess is that the questions 1.3.2 - 1.3.4 of definks...

My guess is that the questions 1.3.2 - 1.3.4 of definks judegment may get asked of the court for lodgements of client claims. My gut feeling tells me that there were clients that had shares lodged that may have known of the risk or were considered sophisticated under the corporations law. There are also retail clients in OP that would not be considered sophisticated under the corporation law definition. Those clients should not have been in OP to start with as they should only have been allowed to invest under a full retail PDS that explained all the risks in easy to understand terms, they should be dealt with first. They are the real clients that have been cushed and hurt in this collapse and are struggling to stay afloat financially.