Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Langdon, in the matter of Forge Group Limited (Receivers and Managers Appointed) (in Liq) [2017] FCA 170 File number: WAD 642 of 2015
Judge: GILMOUR J
Date of judgment: 1 March 2017
Catchwords: CORPORATIONS – debt finance – receivers – secured creditors – the date for fixing assets the subject of s 433 of the Corporations Act 2001 (Cth) (Corporations Act) – the definition of 'circulating security interest' in s 51C of the Corporations Act – securities – floating charge – definition of 'circulating asset' pursuant to s 340 of the Personal Property Securities Act 2009 (Cth) (PPSA) – when a security interest attaches to future property under s 19 of the PPSA
Legislation: Companies Act 1961 (WA) Companies Act 1961 (NSW) Companies Act Amendment Bill (WA) Companies (Amendment) Bill 1971 (NSW) Corporations Act 2001 (Cth) ss 9, 51C, 424, 433, 439A, 556(1) Goods and Services Tax Act 1985 (NZ) Federal Court Rules 2011 Income Tax Assessment Act 1997 (Cth) Part 3-90, s 170(9) Personal Property Securities Act 2009 (Cth) s 12 Replacement Explanatory Memorandum, Personal Property Securities Bill 2009 (Cth) Taxation Administration Act 1953 (Cth) Part 11B, s 8AAZLF(1)
Cases cited: Commissioner of Taxation v 4 Doonan Street Collinsville Pty Ltd (in liquidation) (2016) 332 ALR 349 considered Cook v Italiano Family Fruit Company Pty Ltd (in Liquidation) (2010) 276 ALR 349 cited General Credits Ltd v Chemineer Nominees Pty Ltd (1986) 4 ALCL 570 considered I.R.C. v Goldblatt [1972] Ch 498 distinguished Korda v Silkchime Pty Ltd (Receivers and Managers Appointed) (2010) 243 FLR 269 considered Lewis & Templeton Warehouse Sales Pty Ltd (in liq) v LG Electronics Australia Pty Ltd (2016) 308 FLR 100 cited McEvoy v Incat Tasmania Pty Ltd (2003) 130 FCR 503 cited Re CMI Industrial Pty Ltd (in liq) (2015) 105 ACSR 635 followed Re Griffin Hotel Co Ltd [1941] Ch 129 cited Re Smouha Fabrics Pty Limited (In liq) (2012) 92 ACSR 542 not followed Royal Bank of Canada v Radius Credit Union Ltd [2010] 3 SCR 38 distinguished Stein v Saywell (1969) 121 CLR 529 discussed Strategic Finance Limited (in receivership and in liquidation) v Bridgman [2013] NZCA 357 cited Whitton v ACN 003 266 886 Pty Ltd (1996) 42 NSWLR 123 cited
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