High Court of Australia
196 HIGH COURT [
[HIGH COURT OF AUSTRALIA.)
SUMNER AND OTHERS . . . ._ . APPELLAl APPLICANTS, AND CAMPBELL AND ANOTHER . t 3 . RESPONDEN
RESPONDENTS,
ON APPEAL FROM THE SUPREME COURT OF NEW SOUTH WALES.
H.C. or A. Moratorium—Company—W inding up—Order made prior to commencement of A
1935. Secured creditor—Proof of debt—Restoration of rights—Moratorium Act Ww (N.8.1V,) (No. 57 of 1932), sec. 34 (7) (c)- Sypyey, b April, 3,17. The Moratorium Act 1932 (N.S.W.), by sec. 34 (7), provides: " Nothin a in this section or in section twenty-five of the Moratorium Act" 1930- ae See (N.S.W.) "contained shall be construed so as to affect any right, power, and a remedy of the mortgagee for the recovery of any moneys secured by a mo of land and interest thereon in the event of . . . (c) an order being mat
or resolution passed for the winding up of the mortgagor being a company.
Held that the effect of sec. 34 (7) (c) is, in the event of the winding a company, to restore to a mortgagee thereof rights taken from him by Moratorium Act 1930-1931, irrespective of whether the winding up beg before or after the commencement of the Moratorium Act 1932.
Decision of the Supreme Court of New South Wales (Full Court): In Property Insurance Co. Lid.; Ex parte Motor Credits Ltd., (1934) 35 S.R (N.S.W.) 1; 51 W.N. (N.S.W.) 199, reversed.
Apprat from the Supreme Court of New South Wales.
The Property Insurance Co. Ltd., a company incorporated in } South Wales, went into voluntary liquidation on 10th January and appointed Alexander Ewan Campbell liquidator. Real propert
OF AUSTRALIA. 197
'of the company, situate at Pitt Street, Sydney, was subject to first H.C. o A. and second mortgages. The second mortgage secured a debt due to pees 'Motor Credits Ltd. The security was not sufficient to pay the Sumver principal and other moneys due under the first mortgage. On 20th Canboacn! 'February 1930 Motor Credits Ltd. submitted to the liquidatora claim = ~~ for £5,217 7s. 9d., and was later informed by the liquidator that the
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