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Setoff Defence – A very useful tool to defend an unfair preference claim

What is one of a creditors’ biggest nightmares? The unfair preference claim brought by a liquidator under section 588FA of the Corporations Act 2001 (Cth) (Act).

The bad news for creditors is that the unfair preference claim is not going anywhere (and perhaps may become even more prevalent in the future). The good news is, however, that there are defences available to creditors and one, in particular, that has made some headway in recent years; the setoff defence.

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