Wily, Hugh Jenner in his capacity as Official Liquidator of United Telecasters Sydney Limited (receivers and managers appointed) (in liq) & Anor v The Commonwealth of Australia Wiley, Hugh Jenner in his capacity as Official Liquidator of United Telecasters Sydney Limited (receivers and managers appointed) (in liq) & Anor v [1996] FCA 303

CATCHWORDS CORPORATIONS LAW - Receivers and Managers - receivers and managers appointed to company by chargee - crystallisation of floating charge - floating charge becoming fixed - nature of chargee's interest after crystallisation in future property subject to charge upon its coming into existence - liquidator appointed - payments made by receivers and managers after commencement of winding up - payments made from bank account subject to the charge - payments made by cheques - legal and beneficial ownership of credit balance in bank account and of cheques - whether funds and cheques "property of the company" within the meaning of s 468(1) of Corporations Law - whether expression limited to property with which company in liquidation is free to deal and in which it has a "beneficial interest" - whether appropriate to decide that question as a separate question.

Corporations Law s 468(1)

Re Margart Pty Limited (in liq); Hamilton v Westpac Banking Corporation (1984) 9 ACLR 269 Re Country Stores Pty Limited (1987) 2 Qd R 318 Re Ravi Nominees Pty Limited (1993) 10 ACSR 599 Sheahan v Air Con Serve Pty Limited (1995) 18 ACSR 165 Re Leslie Homes (Australia) Pty Limited (1984) 8 ACLR 1020 Bayley v National Australia Bank (1995) 16 ACSR 38 Re Mal Bowers Macquarie Electrical Centre Pty Limited (in liq) [1974] 1 NSWLR 254 Sowman v David Samuel Trust Ltd [1978] All ER 616 All Benefits Pty Limited v Registrar General (1993) 11 ACSR 269

Hugh Jenner Wiley in his capacity as Official Liquidator of United Telecasters Sydney Limited (receivers and managers appointed) (in liq) & Anor v The Commonwealth of Australia No NG 795 of 1995 Sheppard, Lindgren and Sackville JJ Sydney 2 May 1996

IN THE FEDERAL COURT OF AUSTRALIA) NEW SOUTH WALES DISTRICT REGISTRY) No NG 795 of 1995 GENERAL DIVISION ) On appeal from a Judge of the Federal Court of Australia