Catchwords:
CORPORATIONS – liquidation – funds paid to employee creditors out of proceeds of secured assets with consent of secured creditor – whether secured creditor is to be subrogated to the rights of employee creditors
CORPORATIONS – liquidators are justified in regarding secured creditor as subrogated in equity to the priority rights of employee creditors, in circumstances where the liquidators paid priority debts of the employee creditors from proceeds of secured creditor’s floating charge assets with secured creditor’s consent
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