Federal Court of Australia
Federal Court of Australia
Blakeley, in the matter of Akron Roads Pty Ltd (in liq) [2020] FCA 1378 File number(s): VID 542 of 2020
Judgment of: ANDERSON J
Date of judgment: 24 September 2020
Catchwords: CORPORATIONS – liquidation – funds paid to employee creditors out of proceeds of secured assets with consent of secured creditor – whether secured creditor is to be subrogated to the rights of employee creditors CORPORATIONS – liquidators are justified in regarding secured creditor as subrogated in equity to the priority rights of employee creditors, in circumstances where the liquidators paid priority debts of the employee creditors from proceeds of secured creditor's floating charge assets with secured creditor's consent
Legislation: Corporations Act 2001 (Cth), ss 9, 513B(b), 513C, 556(1)(e), 556(1)(g)
Cases cited: Bofinger v Kingsway Group Ltd (2009) 239 CLR 269 Carter, in the matter of Damilock Pty Ltd (in liquidation) [2012] FCA 1445 Cochrane v Cochrane (1985) 3 NSWLR 403 Cook (Liquidator), in the matter of Italiano Family Fruit Company Pty Ltd (in liq) v Italiano Family Fruit Company Pty Ltd (in liq) [2010] FCA 1355 Divitkos, in the matter of ExDVD Pty Ltd (in liquidation) [2014] FCA 696 Ghana Commercial Bank v Chandiram [1960] AC 732 Orakpo v Manson Investments Ltd [1978] AC 95
Division: General Division
Registry: Victoria
National Practice Area: Commercial and Corporations
Sub-area: Corporations and Corporate Insolvency
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