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.
Tagged: deed of company arrangement
An application for leave to proceed against a company which is subject to a deed of company arrangement
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.