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Set-Off under the Corporate Insolvency and Restructuring Act, 202o (Act 1015)

Set-Off under the Corporate Insolvency and Restructuring Act, 202o (Act 1015)
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Australian High Court: No Statutory Set-Off Against Unfair Preference Claims | Jones Day

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,.

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Background - During a winding up, the statutory duty of a liquidator is to gather in the estate of the company, which includes recovering any amounts owing to the.

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Ding Dong – Set-off is Gone | Set-off is No Longer Available as a Defence to an Unfair Preference Claim | K&L Gates LLP

For some time, the reliance on section 553C of the Corporations Act 2001 (Cth) (Act) as a "set-off" defence to an unfair preference claim, under section 588FA of the Act, has caused.

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Full Court Vacates Set-Off Provisions in Unfair Preference Claims

The Full Court, in Gavin Morton As Liquidator Of MJ Woodman Electrical Contractors Pty Ltd & Anor v Metal Manufacturers Pty Limited found that the defence of set-off is not available to a defendant of a liquidator's claim for the recovery of an unfair preference.

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