27 Aug 2008
THE COMMISIONER OF INLAND REVENUE V NORTHSHORE TAVERNS LTD (IN LIQUIDATION) HC AK CIV 2006-404-006804
- Citation
- openlaw-13188747_fbef_4fd2_90f7_3305fb94741a.pdf
- Court
- High Court
The fund did not constitute an "account receivable" because it was not a book debt/trade credit account; accordingly it remained within Westpac's general security and SDL was entitled to subrogation and leave to prove as a secured creditor. However, because SDL had originally presented itself as unsecured and the liquidators incurred costs before they knew SDL's true position, the liquidators' costs and expenses incurred up to 25 September 2007 must be paid out of the fund in priority to SDL's secured claim; SDL is not entitled to recover its recovery costs as a first charge or equitable lien…