Tagged: Corporations Act

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.

Mansfield v The Queen; Kirzon v The Queen (2012) 293 ALR 1

In this case, the High Court rejected an argument that to constitute ‘insider’ trading in contravention of the Corporations Act 2001, the information of which the accused person is in possession must be true and accurate. Justices Hayne, Crennan, Kiefel and Bell delivered a joint judgment and Justice Heydon delivered a separate judgment in which his Honour agreed with the plurality that the appeal ought to be dismissed.