Wily v St George Partnership Banking Ltd [1999] FCA 33

FEDERAL COURT OF AUSTRALIA

Wily v St George Partnership Banking Ltd [1999] FCA 33 CORPORATIONS – winding up in insolvency – preference – payment by company to holder of a floating charge – whether effect of giving creditor a preference priority or advantage – relevance of priority given by s 221P of the Income Tax Assessment Act 1936 – whether a floating charge confers an equitable interest over the property of the debtor Corporations Law s 565(1) Bankruptcy Act 1966(Cth) s 122(1) A & J Lazzarotto Pty Ltd (In liq) (unreported, Full Court of the Supreme Court of Victoria, 16 December 1977) discussed and applied Airservices Australia v Ferrier (1996) 185 CLR 483 applied Burns v Stapleton (1959) 102 CLR 97 applied Calzaturificio Zenith Pty Ltd (In Liq) v N.S.W. Leather & Trading Co Pty Ltd [1970] VR 605 applied Discovery Books Pty Ltd, Re (1972) 20 FLR 470 applied Evans v Rival Granite Quarries Limited [1910] 2 KB 979 referred to Governments Stock & Other Securities Investment Co Ltd v Manilla Railway Co Ltd [1897] AC 81 referred to London Pressed Hinge Co Ltd, In re [1905] 1 Ch 576 discussed Lyford v Commonwealth Bank of Australia (1995) 130 ALR 267 cited National Australia Bank Ltd v K.D.S. Construction Services Pty Ltd (1987) 163 CLR 668 cited National Provincial Bank Ltd v Ainsworth [1965] AC 1175 discussed Richardson v The Commercial Banking Company of Sydney Ltd (1951-1952) 85 CLR 110 applied Sheahan v Carrier Air Conditioning Pty Ltd (1997) 189 CLR 407 applied The Queen v Toohey; Ex parte Meneling Station Pty Ltd (1982) 158 CLR 327 cited Tricontinental Corp Ltd v Commissioner of Taxation [1988] 1 QdR 474 mentioned and followed in part Wallace v Evershed [1899] 1 Ch 891 referred to

HUGH JENNER WILY, IN HIS CAPACITY AS OFFICIAL LIQUIDATOR OF SPACE MADE PTY LIMITED (IN LIQUIDATION) v ST GEORGE PARTNERSHIP BANKING LIMITED