Recent Cases

Commonwealth of Australia v Tonks [2023] NSWCA 285 (30 November 2023) (Bell CJ, Adamson JA and Griffiths AJA)


Catchwords:


CORPORATIONS — priorities — circulating assets — insufficiency of assets — Commonwealth subrogated rights of employees of company being wound up — whether liquidator’s claim for remuneration, costs and expenses ranks ahead of priority creditor — whether order of priority established by ss 556 or 561 of Corporations Act 2001 (Cth)

CORPORATIONS — statutory construction — legislative history of provisions — meaning of the word ‘claim’ in s 561 of Corporations Act – relationship between ss 433 and 561 — when determination for insufficiency of assets is to be made by liquidator or receiver