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In Short - The Situation: Historically, creditors pursued by liquidators under the unfair preference regime could rely on a statutory set-off as a defence to the claim,.
The High Court of Australia in Metal Manufactures Pty Limited v Morton [2023] HCA 1 has confirmed the view of the Full Court of the Federal Court of Australia that the "set off" defence.
The High Court of Australia in Metal Manufactures Pty Limited v Morton has confirmed that the set off defence under section 553C of the Corporations Act s no longer available to claims by liquidators for an unfair preference claim made under section 588FA of the Act.