WebFeb 8, 2024 · The effect of s 588FA (3) is that if a transaction is, for commercial purposes, an integral part of a continuing business relationship (e.g., a running account) between a company as debtor and a creditor, … WebThe Full Federal Court in MJ Woodman has now clarified the position, deciding that where a creditor has received an unfair preference under s 588FA of the Act, that creditor may not rely upon a statutory set-off under s 553C to reduce or eliminate its unfair preference liability by reason of debts owed by the company to the creditor.

High Court makes preference claims harder for liquidators

WebThe version of s 588FA, as contained in the Bill that was first introduced into Parliament, made no reference to secured or unsecured debts. Instead, the phrase “in respect of an … WebJan 11, 2010 · This article considers the proper construction of s 588FA (1) (b), the Corporations Act provision that deals with a particular incidence of unfair preferences, namely how and when the calculation... pottery barn 2020 ornament

The brewing controversy in Australia ... - Norton Rose Fulbright

WebUnder s 588FA of the Act, unfair preferences arise where: The company and a creditor are parties to a transaction; and The transaction results in the creditor receiving more from the company, in respect of an unsecured debt owing to the creditor by the company, than they would have if the transaction were set aside and the creditor had to prove ... WebThe site itself was awesome. Great area near the water, and near a really gorgeous beach. The kids had a blast wading in the water, fishing and exploring the area. The sites don't … WebFeb 14, 2024 · This ‘running account’ principle is codified in s. 588FA (3) of the Corporations Act. This typically arises where during the time that the liquidator alleges that the creditor … touch target size too small in android studio