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Circulating Security Interests and section 433 of the Corporations Act

The Federal Court of Australia recently held in Re Langdon that a company’s receivers need not apply a $53,469,010.64 tax refund issued post-appointment to priority employee entitlements. Only an asset that exists and is identifiable at appointment qualifies as a ‘circulating asset’ under the Personal Property Securities Act 2009 (Cth) is subject to an employee priority claim under section 433 of the Corporations Act 2001 (Cth).

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