This depends on whether you are ordering a Bare Trust used for a Limited Recourse Borrowing Arrangement (LRBA) or a Bare Trust not related to an SMSF.
A Bare Trust used for LRBA involves four main parties; the SMSF trustee, the bare trust trustee, the vendor of an acquirable asset and the lender. As Superannuation law does not allow an SMSF to borrow money, an LRBA is used where the trustee of the bare trust borrows money from a lender to purchase an asset. Under this arrangement, the asset is held in trust with the trustee of the SMSF holding the beneficial interest. If the event of a default on the loan, the lenders rights are limited to the asset held in the bare trust meaning there is no recourse to the other assets held in the SMSF.
If the Bare Trust is not used for LRBA, the parties involved are the Trustee and the specified Beneficiaries.