Stewart v ATCO Controls Pty Ltd (in Liq) [2014] HCA 15

The High Court has unanimously confirmed the position originally set out in In re Universal Distributing Co Ltd (In Liq) (1933) 48 CLR 171, finding that a secured creditor may not have the benefit of a fund created by a liquidator without the liquidator's costs and expenses of creating that fund first being met.

In our September 2013 Insolvency Update ‘The Early Bird Gets the Worm: Tax Office Recovers Debt Before Foreign Creditors’, we highlighted the decision of De Ackers (as joint foreign representative) v Saad Investments Company Limited; In the matter of Saad Investments Company Limited (in official liquidation) [2013] FCA 738 (Saad case).