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September 2007

Set Off Applied Against Liquidator

A look at the recent decision of LF Bakeries Pty Ltd (In Liquidation) v Baker’s Delight Holdings Ltd [2007] NSWSC 894. The Supreme Court of New South Wales has held that the mutual credit and set off provisions in Section 553C of the Corporations Act should be given "the widest possible scope", following the High Court in Gye v McIntyre.

Chairperson’s Duty to Exercise Casting Vote

Regulation 5.6.21 of the Corporations Regulations provides that a casting vote is exercisable by the chairperson of a meeting of creditors when there is a split between the majority in number and the majority in value of creditors voting on a resolution. We look at a recent case in the Supreme Court of New South Wales that considers the duties of a chairperson in considering whether to exercise a casting vote.

Newsletter Ir September2007.pdf

All Kemp Strang Briefs are intended to keep readers abreast of legal and firm developments current on issue of the Brief. They are not to be relied upon as a substitute for professional advice. Before acting on any specific matter please contact us.