In-specie distribution on winding-up allowed with investor preference and required supermajority approval under placement terms. On intimation under regulation 23 a wound-up scheme must stop making further investments, liquidate assets and distribute proceeds to investors after meeting liabilities within the prescribed period; however, subject to placement memorandum or contribution/subscription agreement conditions, in-specie distribution of scheme assets may be effected, including on winding-up, in accordance with investor preference and with the required investor supermajority approval.