Condev - Set-off Rights and Priority Creditors

Lisa McNicholas of Madgwicks Lawyers discusses the Supreme Court of Queensland’s decision in Re Condev Construction, where Westpac was permitted to set off debts owed to and by the company in liquidation, and notes the ruling confirms that secured creditors can rely on statutory set-off under s 553C unless they had actual notice of insolvency at the time of their dealings.

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