Sheahan v. Air Con Serve Pty Ltd
Article Abstract:
The Full Court of the Supreme Court of South Australia found in Sheahan v. Air Con Serve Pty. that a payment made by a receiver to a trade creditor was not voidable because the receiver had assumed a personal liability. If the receiver had been acting as an agent of the company that was subsequently wound down, the payment would have been a voidable preferential payment. This conclusion meant that unsecured creditors could not void the payment made by the receiver to satisfy an obligation of the company.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1996
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Credit fees and charges act: an offence to lend money credit code; impossible to lend money
Article Abstract:
The Australian Consumer Credit Code, to be introduced in 1996, adopts a new method for classifying the relationship between lenders and debtors based on credit fees and charges. However, the Code fails to define the terms, leaving even more confusion than the previous reform, the 1984 Credit Act and making required disclosures almost impossible. Therefore, without significant revision, the public would be better served by the flawed Credit Act than by the unuseable Code.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1995
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Guarantees and Section 592, Corporations Law: the dynamics of debt
Article Abstract:
The New South Wales Court of Appeal has added contingent debt to the definition of debt under Section 592 of the Corporations Law. The decision came in Hawkins v. Bank of China. This gives more opportunity to creditors to recover funds from insolvent corporations. However, this does not mean that debt may be counted as incurred more than one time.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1993
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