Automatic set-off is not that automatic
The decision is significant because it confirms that a payment of a dividend to a creditor does not necessarily extinguish the company’s claim for the balance in fact owing to it.
The Commercial Bar Association of Victoria Inc. A0120851O
The decision is significant because it confirms that a payment of a dividend to a creditor does not necessarily extinguish the company’s claim for the balance in fact owing to it.
The New South Wales Court of Appeal (Gleeson JA) has refused to grant leave to the Chief Commissioner of State Revenue to proceed against two companies that are each subject to a deed of company arrangement.