Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Weston (Liquidator); In the Matter of 7 Steel Distribution Pty Limited (In Liq) [2015] FCA 742 Citation: Weston (Liquidator); In the Matter of 7 Steel Distribution Pty Limited (In Liq) [2015] FCA 742
Parties: PAUL GERARD WESTON IN HIS CAPACITY AS LIQUIDATOR OF 7 STEEL DISTRIBUTION PTY LIMITED (ACN 131 352 264) (IN LIQUIDATION) and 7 STEEL DISTRIBUTION PTY LIMITED (ACN 131 352 264) (IN LIQUIDATION)
File number: NSD 677 of 2015
Judge: FOSTER J
Date of judgment: 21 July 2015
Catchwords: CORPORATIONS – whether a secured creditor which has realised its security has a right of subrogation in respect of the priority claims of employees of a corporation in liquidation in circumstances where receivers appointed by that secured creditor over that corporation and its assets paid out those priority claims (as they were bound to do under s 433(3)(c) of the Corporations Act 2001 (Cth)) during the subsistence of the receivership and thus diminished the quantum of the return to the secured creditor after realisation of its security
Legislation: Corporations Act 2001 (Cth), ss 433, 436C, 439A, 511(1), 511(2), 554E(4), 555, 556 Cases cited: Re ExDVD Pty Ltd (In Liq) (2014) 223 FCR 409 Re Willmott Forests Ltd (No 2) (2012) 88 ACSR 18 Date of hearing: 16 July 2015 Place: Sydney Division: GENERAL DIVISION Category: Catchwords Number of paragraphs: 31 Counsel for the Plaintiffs: Mr SW Balafoutis Solicitor for the Plaintiffs: Kemp Strang
IN THE FEDERAL COURT OF AUSTRALIA NEW SOUTH WALES DISTRICT REGISTRY GENERAL DIVISION NSD 677 of 2015
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